While the installed software put a dent in the plans of the spammers, it wasn't catching all of them, as I'm sure new emails/usernames are constantly updated.

I've installed yet another piece of code that monitors incoming registrations and times how long it takes the "user" to register. It would take 45 seconds to 2 minutes for a savvy user to register and less than 10 seconds for a "bot". If the timing is too quick, the registration is denied. This appears to be working much better than the first piece of software but I'll leave both active for ultimate protection.