Hey guys,
The Raster to Point tool worked perfectly, but only if the .lyr has associated "data". For example, a Landsat image .tiff will convert to a point shapefile, but a esri world imagery .lyr will not. Interesting.
I had to convert to a shapefile since I will eventually take the interstection of those points from the pixels of the .lyr with another shapefile.
The Landsat image was very low resolution, yielding a point every 30 meters or so, which is not as accurate as I would like. Does anyone know if MODIS imagery files are readibly available somewhere on the web?
Thanks again for all the help! : )