So I reformatted my computer and to my great displeasure, the issue still stands.
HOWEVER, I tinkered with vive settings and found the one option that appears to fix the issue entirely. Note: I haven't had the time to actually play a game since Im currently at work but the graph seems to show no magenta bars which are display errors. It does look like the magenta bars appear in the same frequency and pattern as the green spikes but I have no way of confirming that. If a person and Vive could look into this, that'd be great because I'd definitely like an explanation of what's going wrong here.
Anyway, the fix is to go to SteamVR Settings > Video > Per-application video settings > Set "Use Legacy Reprojection Mode " to On