itbs.info links to a great page on solutions for ITBS, with some really excellent advice. Just about everything they're talking about jibes with what I've found to work, and the philosophy that I'm more and more convinced is the right one for treating non-acute sports injuries: start by strengthening the affected area, not by "pampering" it and "letting it heal".
And I'm tempted to try something like an ITB Compression Wrap. So, I'm off to the local exercise equipment store to get a foam bolster (used to do some stretching/self-massage) and maybe a compression wrap.
Current status: My knee is doing much better. It's changed from being exceptionally tight to being really loose and popping all the time, which is very typical of me when I start loosening up (I've seen this before with my kees, hips, and shoulders, and consider it a very good sign). So, I'm working my hamstrings and calves, and stabilizing muscles, stretching religiously, icing, and it should be stable in a week or two.
In any event, my knee itself has completely stopped hurting. The "discomfort" has moved from my knee into the the muscles of my leg, which is awesome.
And getting back in the gym (and climbing harder again after getting my finger problems worked out) has me sore all over. Good sore. I almost feel like a human being again.
So far, so good.
Incidentally, I just love that feeling of throwing for a hold, and not knowing what it'll be like when you get there. Feels like flying.