Ok, let's work this theory. The solenoid does not seem to be sticking based on me pulling it apart and examining, so let's take the starter/solenoid out of the equation for now. The ignition, like you said, provides that 12V to the solenoid. So if I was cranking it over for a while (because it wouldn't start up right away), would that cause some part in the ignition to bind up/get stuck in the 'start' position, thereby resulting in the continual cranking?

I read about somebody fixing the hot start problem buy installing a high torque starter. Thoughts? I thought maybe no since it starts ok normally.