Sorry about not replying sooner, but I did not check on my post. I did figure out a solution, but I cheated and used model builder. Here is the python version of the tool:
# Import arcpy module
import arcpy
# Load required toolboxes
arcpy.ImportToolbox("Model Functions")
# Script arguments
Select_Feature_Dataset = arcpy.GetParameterAsText(0)
# Local variables:
Feature_Dataset = Select_Feature_Dataset
FeatureClass__2_ = "\\FeatureClass"
FeatureClass = FeatureClass__2_
Name = "FeatureClass"
# Process: Iterate Feature Classes
arcpy.IterateFeatureClasses_mb(Select_Feature_Dataset, "*", "", "NOT_RECURSIVE")
# Process: Upgrade Feature Class(es) Metadata
arcpy.UpgradeMetadata_conversion(FeatureClass__2_, "FGDC_TO_ARCGIS")
# Process: Upgrade Dataset Metadata
arcpy.UpgradeMetadata_conversion(Select_Feature_Dataset, "FGDC_TO_ARCGIS")