This is what fixed it for me. Covering up the left front sensor with some tape. Adhesive is all I could find for the time being as I did not take it very seriously when I saw the suggestion from Youtube.
I did the usual(for the thousandth time), reinstalled USB, power cycled the base stations and booted SteamVR to test game again to see how long I could go before it would start grey screening again... Sure enough 10-20 minutes later, it started. So I covered the left front sensor with finger and lo'and behold, no more grey screen. Covered it with tape(as well as some on the bottom), issue seems to be solved... Very odd, but hopefully this will help someone. Maybe try the sensor on the right if the left doesn't work for you.
http://imgur.com/MBz3q01