Ahh no, I am not going to dump the old data or change the DNS info until I get the new site running smoothly : )
Excuse my ignorance, from my readings I assumed that MySQL replaced the unknown character with the UTF replacement character glyph (U+FFFD, �) and that I could simply delete this character. It appears to be wherever a double space is (like after a period)...
I have successfully exported this db from my old host to my personal host (mediatemple) with no problem. There is a mix of latin1_swedish_ci, utf8_unicode_ci, and utf8_general_ci encodings (I am assume that's what phpmyadmin means by "Collation") BUT they all match up between the old and new databases, i.e. the table in on DB has the same Collation value as the table in the new DB.