You're absolutely correct Viafax, my apologies for using an incorrect term.
I've not yet found a solution however the issue has progressed. At this point whenever the PC that is wired to the router is powered on, all wireless activity ceases. Not a single wireless device is able to access the internet, though they all report they are connected to the network (except the PS3 which has a tendency to complain about everything). When the wired machine is powered off wireless network activity resumes as normal.
Last night as a test, With the original wired machine turned off, I connected a second PC to the router via ethernet using a different port on the router. This machine has never had the VZ Speed Optimizer ran on it. The wireless devices lost their connection to the internet when the machine was turned on.
This new evidence leads me to conclude that the faulty wireless connection does not have anything to do with the VZ Speed Optimizer and it was simply a coincedence that I noticed the problem after running it.
At my next available opportunity I will be taking two tylenol (for the immenent headache) then calling Verizon support. I have to assume that it might be a hardware issue with the router. I have not attempted to 'hard reset' the router as my wife has threatened terrible things if we lose internet connectivity entirely.
I will update this post if I am able to come to a solution. Any further ideas are always welcome :)