Hi kerry,
Your post gives me some hope. I was hit by Panda in Feb. 2011 and lost 85% of my google traffic Made many changes to my site -- page deletions re-directs added content etc. Got a bump of 25% in September 2011 but lost that and more afterward.
We have an e-commerce gift site with 6000 pages. Is your site an e-commerce site?
I have not found a recovery story from any sites like mine that were hit with that large a drop.
I hope your recovery would relate to my situation.