Quanah:
You do know that user passwords are encoded, right? Have you looked at the unencoded data?
Nope...I didn't know that. Finally found an obscure entry in the FAQ that mentioned that ldapsearch showed the password attributes as Base64 encoded. Looking at the entries with Luma showed that they are now being properly hashed with MD5 so all seems to be well...guess I put the olcPasswordHash attribute in the right place after all.
Thanks!