I'm posting the result of troubleshooting and fixing my broken keyboard in the hope it might help others. However, I am accepting Curts answer as the solution because he responded first and his advice confirmed there were no active electronics to worry about in the keyboard itself, and his linked information helped me to understand how to interpret the keyboard matrix to properly ring out the keyboard PCB. I'd also like to thank Tofro for his answer which I also found helpful.
After disassembling the keyboard and visually examining the PCB, I was able to spot quite a bit of corrosion in all the traces coming from where the keyboard harness wires are soldiered to the PCB. I suspect a certain careless 15 year old probably left a nice thumbprint covered in pizza grease here sometime in the 1980's...
I knew from the keyboard matrix that the keys giving me problems were all related to Port A Bit 4, which is pin 16 on the header - so I started by testing continuity from the female keyboard connector to the soldier point labeled 'E' on the PCB. Indeed this rang out without any problem.
Next I tried tracing further into the PCB by checking for continuity between point 'E' and the first exposed keypad contact, which did NOT work. This seemed to indicate the problem existed in the trace just after point 'E', but before the keypad - which correlated with the noted corrosion.
Here is a picture of point 'E', the first keypad and the corrosion:

I decided the easiest way to fix this would be to tack a short wire between point 'E' and the 'Y' shaped part of the trace past the corroded area. To accomplish this I first drilled two small through-holes in the PCB beside point 'E' and the 'Y' junction. Next, I then removed the green coating on the 'Y' junction by gently scraping the area with a sharp Exacto knife to expose the bare copper. Finally, I routed a piece of copper wire through the hold I drilled and soldiered it as neatly as I could.
Here is the trace side of the PCB:

With the wire routed on the outside of the board:

I re-assembled the keyboard and connected it back to my C-64. A quick test revealed all keys are now functioning normally again. I'm a bit concerned about the corrosion in that area, as it may cause future problems with other traces. I guess time will tell.