Ended up not being too bad. I cleaned off the flange and replaced the T-bolts with longer bolts that gave me enough to tighten down the toilet. In doing so, I ended up having to stack two gaskets. Instead of the traditional wax ring, I went with two of these:
I did as much reading and youtube viewing as I could on these before deciding to go that route. There are few poor reviews of these things, and I wanted the flexibility of not having to set the toilet exactly right the first time. A single gasket will handle a flange up to 3/8" above or below floor level. My flange was about 9/16" below the floor, so I went with stacking two, which you are supposed to be able to do without any problem. The manufacturer mentions that if you want extra protection when stacking you can use silicon between the two seals. I took that to the next level and put silicon around the base of the first, base of the second and top of the second where it contacts the toilet. Tightened her down, and so far so good.
Those gaskets run about $11 vs. $4-$5 for wax rings. For a first time toilet DIYer, I think they make all the sense in the world since you're talking about a difference of about 7 bucks, or $14 if you need two.
Note: If I was going to be living in this house forever, I would have hired a plumber to raise the flange.