For those that asked, it is a Magnetek 6345 Power Converter with Battery Charger.
I did some testing after work this evening and found ~1.7v - over 2v AC on several of the 12v DC circuits. There are (were) 2 unused 12v terminals in the converter that actually showed 0v AC. I switched the lighting circuit the new lights are on to the "clean" 12v circuit and they work perfectly.
I haven't had time to dig into the converter, but evidently the 12v circuits are not fed by a single source, but rather multiple, separate sources inside the converter. That's the only thing that makes sense considering the 2 clean 12v terminals, and the others having "AC noise".
The lights are nothing fancy or expensive, which might explain why they weren’t happy with the noisy power. We have replaced individual incandescent bulbs with LED's without issue in the ceiling fixtures.
These are the lights we installed:
https://www.amazon.com/dp/B0BRGR8G27...t_details&th=1
Thanks again for the help and suggestions!