Thank you to all who replied. Here is an update on the issue:
Brian81- I can successfully create a new policy and edit that new policy after. I have not tried to delete my current LiveUpdate policy however.
Rafeeq- I followed your instructions to delete the temp internet files in the Java console, but I am still getting the same error after.
la ripper- I followed your instructions to run dbvalidator and in the output log states that the database validation has passed.
SameerU- I opened the LiveUpdate console from the control panel and removed all files from the update cache tab. After doing so, I am still getting the same console error message when trying to edit my current LiveUpdate policy.
At this point, I am going to try and just re-create the LiveUpdate policy on both my main and replication partners and see what happens. I will report back in a few days with an update.