Solved.
Apparently the problem was that the newest version of the Palm Desktop, 4.14, is installed in a different place than previous versions C:/Program Files/Palm as opposed to C:/Palm
I couldn't just move the folder to the root of the drive, Palm Desktop 4.14 wouldn't launch after doing that, so I found an older version of the Palm Desktop, 4.01, that installed on the root of the C drive. Intellisync seemed to be able to find it there.
Maybe there's a way to use the newest Palm desktop but this works for me. Thought I'd pass it along.