Okay, here's the deal. I've downloaded all three 710 patches and fixed the graphics problem for Freespace 2 and all of its campaigns. So thank you, that worked just fine.
However, I did the same thing with the Babylon 5 project folder and the graphics problem is still present. Could this be some sort of mod conflict? Should I take it to the B5 forum instead? I should note that this problem was not at all evident when I was utilizing 3.6.7 earlier today, it only showed up after I upgraded to 3.6.9 RC7 in order to play the Awakening The Beast demo campaign.