Thanks for the response reecardo,
I have the Copy Local checkbox on the DLL unchecked so, as you said, the DLL in the customlib folder is the only version being updated. Unfortunately, it seems as though when that version is being updated it still is not reflecting my changes to the component when I reload the project. For example, when I load up the project fresh with the DLL that is packaged with it I have no issues with the information that is being shown in my Toolbox. The issue is occuring only when I attempt to load the component associated with that DLL to my machine, and recompile and save it (regardless of applying a change or not). When I go back into the project and reload it much of the information in the toolbox has been changed which, I believe, is not what should be happening because it is the same component (I have made no changes at all).
I apologize for the long-winded descriptions, but it is actually quite difficult to describe. I am trying to wrap my head around any possible reasons for why the DLL the component creates, which is the same DLL the project is using, would be changing values simply by being recompiled without any changes being made.
Thank you again for your time and assistance.