Thank you David for posting the solution, this is exactly what I was looking for as well. This information really should be included in the help section. I realize a lot of people could have figured this out, but I'm no expert in GIS, just a long time user. I simply didn't make the connection between the extent indicator I was making and the extent tab in Data Frame Properties.
I just wishd that when deriving the extent from another data frame's extent, that a fix scale was an option.