For anyone who comes across this issue, I have found an even simpler solution. This works for us because we're printing a 36x48" paper map for a client, so the relative size of the symbols on the map (increasing from 12.00 pt to 18.00 pt) was not an issue. Without further ado:
The legend is a reflection of the layers you choose to display from the Table of Contents, and the symbology follows suit. If it will not distort the appearance of the symbols on your map, simply increase the size of your points via the properties dialog box (double-click on the symbology or open their properties dialog box manually from the Table of Contents). This will then increase the size of the symbology in the legend that displays on the map.
Hope this can help someone! It was my easiest solution that allows me to still work with the legend as a whole, and not have to convert the legend to graphics and then ungroup each graphic and edit its size, losing the functionality of the legend!