Wow, I can't believe this was right under my nose for the past few weeks. I received information from Kelly Gerrow (ESRI) who let me know that there is new functionality for hosted Feature Layers in AGO. Navigate to your content, click the drop-down next to your Feature Layer, navigate to "View item details", and when the Feature Layer Description page loads, click the Data tab at the top of the page. You're now able to edit the underlying Feature Layer data en masse, like in a data grid or Excel.
She also said this feature has been available for about 3 weeks and also works for Feature Services hosted within the organization that are served out to AGO.
This is exactly what we were looking for. Thanks Kelly Gerrow
Tom K.