After searching the forum far and wide for some insight on how to manage recurring action items, I finally figured out an effective way to manage them using Microsoft Outlook's Calendar application. I've used this method for over a month now and deemed it effective enough to share with others.
Like most people, I have action items that I must handle weekly, monthly, quarterly, etc as well as action items that may be tied to a specific month (e.g. wax car every April and November). I track these items in Outlook by setting up recurring "all-day" appointments on my calendar that holds a plain-text checklist of action items along with Outlook Task attachments. I have one recurring appointment for each calendar month and one for common intervals like weekly, monthly, quarterly, semi-annually, etc. When one of these appointments shows up on my calendar, I open the appointment and drag each attachment to the Tasks folder. This allows me to effortlessly add these recurring tasks to my action lists.
I've attached some screen shots that illustrate this technique.
This is, of course, not the end-all-be all solution, but it's worked well for me as part of my overall system. I use this technique in conjunction with my tickler file and other checklists to keep things from falling through the cracks.
Though one can create repeating/recurring tasks, synchronization issues with the Palm have plagued every one of my attempts to use them, so I don't recommend the use of recurrence on Outlook Tasks.
Changing the Note text on the Palm has no impact on the task attachments unless you actually delete the note, so don't fear viewing the Note attachments on your Palm.
Good luck and best regards to all!