Found the problem. Had to replace the "MonteCarlo.Objects.dll" in the Avid DVD by Sonic folder. After doing so, my BluRay's played without issue in a Sony BDP-S350 player.
Found the fix and link to the new .dll in an Avid user forum. Was referenced as a fix for playback problems on Sony PS3's.
This fixed worked in Avid DVD by Sonic v 5.7 631B11A. Believe this is an OEM version of DVDit Pro HD. Prior to the fix, Blurays created and burned in Sonic would act as if playing in the Sony player but put out a black screen and no sound.