Thanks for the additional ideas and feedback! I read the lawn care article when I first stumbled across the site a few weeks ago, and I found it to be both informative and well written.
I have been mowing high for about a year now with my Scott's reel mower. I will definitely fertilize in the early Fall with some organic fertilizer; one of the small local hardware stores will order Ringer on request. I keep meaning to stop by the county extension office to ask about soil testing, but keep putting it off. I should probably get that squared away, since that is the one productive thing that I can do now, in the heat of the Summer.
I definitely have more grass than dirt, so I think that the mulching idea might be too extreme for my situation. In addition, if you couldn't already tell, I am far too impatient. I'd say that my yard is thin, patchy, and scraggly; however, it is not bald. I have a ton of clover, and while I am not crazy about it, I figured, hey at least it is green. When I learned that it was adding much needed Nitrogen to the soil, I began looking at it more affectionately. The honey bees love it, too, which makes me nervous with a toddler running around, but what can you do. I do rip up the black medic though.
I really appreciate this discussion, and I think if I have learned anything, it is to relax a bit and just be a bit more patient. There is no magic bullet that will transform my yard overnight. Instead of it being me vs. the yard (a la Bill Murray vs. the groundhog), I have to treat the yard like a sick loved one who needs to be nourished back to good health.
I am still intrigued by the idea of compost tea, but I will hold off on it. One major benefit is that it allows one to make the little bit of homemade compost that he or she can produce go a long way.