Rebooting the SPs didn't make them both appear "managed". To make both of them appear as managed under Navisphere Manager, both have to be configured on the Find Agent screen. After hours and hours of frustration I have finally figured this out. Now both SPs properly report managed.
I presumed, incorrectly, that when Navisphere Manager was communicating with either SP that it could fully manage the entire FC4700. What is now clear is that Navisphere Manager must be communicating with both SPs. I guess another way of saying it is that Navisphere Manager can't communicate with SPA through SPB, and vice versa. Knowing this, I don't see how Navisphere Manager could EVER report both SPs managed when using one null modem cable, and I suppose it can't. It wasn't until I had both SPs configured to work on the LAN, and then had both SPs IP address configured on the find agent screen that I achieved success.
My next problem is a software update. I have two NDU files that I need to load. I tried to install each individually and then both together after I got the FC4700 to report no faults and both SPs as managed, but I always received the error "Transfer of the file failed." Any ideas? Thanks!