Just a final update on this thread to post what I eventually did. I'm very happy with the outcome:
- I did this in stages so as to always keep some actual live rock in the tank for seeding purposes.
- I did it in two batches (a total of about 250 pounds).
- First, I soaked the rock in a tub of water and bleach. About a 3-1 ratio was plenty. Luckliy my local costco was selling it for 3 large bottles for like $15! I say a 3-1 ratio b/c after a few days I smelled less and less bleach and no bubbles. My 2nd batch was more bleach, like 2.5-1 and the yellowish water and smell never really left. 3-1 is enough. I let it soak for at least a week altho it didnt need that long.
- Then, I removed all the rock, swishing it as I took it out. The result was a thick layer of sediment in the bottom of the tub. I'm guessing this was just rock/calcerous material and not dead life. The bleach killed anything alive and pretty much dissolved it.
- Next, I rinsed the tub and started all over. Yep - did a 2nd round of soaking in the tub, just for kicks. No idea if it did anything or helped. Did another round of swishing as I took it out.
- Then I filled the tub with a mixture of water and acid. Used Muriatic Acid from the pool store at a 10-1 ratio. The ratio seemed good.
- With gloves and goggles on, one by one I dipped each piece of rock in the solution. A TON of fizzing and bubbles. For some reason the bubbles were a rust color. I didnt notice if the rock looked any different or cleaner but it was fun

Also, the main reason I did this was in an effort to remove an outer layer of phosphate that might be on the rock. The end result was a layer of crud, rust colored gook in the bottom of the bucket. So maybe it helped. Also, I think this helped to dissolve some or all of the residual from the bleach (see next step).
- After rinsing in RODI water I let the rock sit outside for a few days in the open air and sunlight. It smelled like the YMCA swimming pool. I was trying to dissolve the extra chlorine left over from the bleach. It defintely worked.
- After 3-5 days I brought the rock inside and soaked it in a tub of RODI. Wanted to see if there was any leftover chlorine from the bleach, so i bought a chlorine test kit. the test showed no chlorine.
So I was left with a nice batch of very clean, white, light rock. It was very chalky to the touch. I spent alot of time aquascaping the new rock using PVC pipe. Once ready I dumped it into the tank with the existing, dirty, live rock and let it sit for about 2 months. The goal was to "seed" the new base rock. It was bright white under the lights when I first put it in. Eventually it started to "color" up - ie: get duller, a little brown.
Once I felt the new rock was seeded, I repeated the whole process with the rest of the rock (save for about 10lbs just in case).
After aquascaping I put it in the tank and I now have a tank ful of shiny new rock

It was really white at first but is now starting to fade. No issues with the fish I have in the tank or with high waste levels. I'm making sure to do frequent basting of the rock to help kepe it clean.
Overall, while it took a long time I'm very happy with the approach and would recommend it to anyone.
PS - I also took some pics along the way that I'll upload in the next few days.