Hey all -
Got it. My alarm system is leaking voltage into the return T&R. Heard a small hum with the butt set, then measured across T&R and saw .75 to 1.25v.
Took the alarm panel out of the circuit, no more noise, no more volts.
I was having some other problems with it a month or two ago, this just confirms my suspision of a bad board in the alarm panel.
Thanks for the tips!
- Matt