Thanks for the help.
That testflight service seems to be exactly what I am looking for.
I uploaded both the .IPA file I created using the directions you provided and the ad hoc distribution profile that I downloaded from the iOS development portal.
Testflight.com provided me with a link to use for distribution. I emailed that to myself. Then on both of my iPads I simply
clicked the links and followed the prompts to install it. Pretty straight forward really.
I would like to point out, that in the most recent version of iTunes the interface has changed and there is no longer a side bar that shows your library where you can drag files. You have to add files through the drop down menu. Then you have no way of viewing those files. (if i am missing something please let me know) You do however see the apps in your library come up when you select you iPad(must be connected via USB cord to do this) under iTunes.
I was able to add the .app file using the above method and install it on my iPad.
I believe the problem was that I had an old entry in my key chain for last years development licence. That key was used by Corona to sign my all of my app builds. Even though it says it expired in December 2012 it was still working until yesterday. I have since deleted that key entry and now use the correct updated one.
-Phillip Bligh