Thanks for the suggestion EnglandA,
I tried moving the tables into a subdirectory, and gave both the parent and sub-directories the correct ownership and privileges as you suggested, but still no luck:
90816 11:29:48 mysqld_safe Starting mysqld daemon with databases from /home/user/test-mysql/mysql-test
090816 11:29:48 [Note] Plugin 'ndbcluster' is disabled.
/usr/libexec/mysqld: Table 'plugin' is read only
090816 11:29:48 [ERROR] Can't open the mysql.plugin table. Please run mysql_upgrade to create it.
InnoDB: Log scan progressed past the checkpoint lsn 0 39548
090816 11:29:48 InnoDB: Database was not shut down normally!
InnoDB: Starting crash recovery.
InnoDB: Reading tablespace information from the .ibd files...
InnoDB: Restoring possible half-written data pages from the doublewrite
InnoDB: buffer...
InnoDB: Doing recovery: scanned up to log sequence number 0 46409
090816 11:29:48 InnoDB: Starting an apply batch of log records to the database...
InnoDB: Progress in percents: 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99
InnoDB: Apply batch completed
090816 11:29:48 InnoDB: Started; log sequence number 0 46409
090816 11:29:48 [ERROR] Fatal error: Can't open and lock privilege tables: Table 'host' is read only
090816 11:29:48 mysqld_safe mysqld from pid file /var/run/mysqld/mysqld.pid ended
I'm going to try looking into the second to last error ("090816 11:29:48 [ERROR] Fatal error: Can't open and lock privilege tables: Table 'host' is read only") a little more. It looks like that is what is ultimately causing the server to fail to start.
If you have any other suggestions, feel free to let me know.
Thanks!