Ray,
As always thank you for your assistance. From your comments, I was able to successfully alter my technique by removing the 2nd checkbox entry and produce a functional solution.
<td>Make Live!</td><td><input <?php if (!(strcmp($row_WADARecordset1['status'],"Y"))) {echo "checked=\"checked\"";} ?> name="status" type="checkbox" value="Y"></td>
This was a case of over thinking the process. The above solution provides exactly what I needed!
Thanks again!