Just wanted to inform anyone who stumbles upon this thread to know that I have resolved this issue.
1. When you create the Workspace, save yourself some trouble and use a single-word Workspace name for the customer or project you're working on. "Microsoft". "Adobe" "BobsPharmacy". Create that workspace under your ColdFusion WWWRoot directory if you are standalone or under the inetpub wwwroot directory if you are using a server.
2. Do NOT create the projects first. Create the SVN repositories.This link can help somewhat: http://www.trunkful.com/index.cfm/2011/7/11/ColdFusion-Builder-2-and-the-Subversive-Plugin
3. When you have created and populated the SVN repositories in CFB, ONLY THEN should you proceed.
4. Create a COLD FUSION PROJECT (NOT a project from svn or other). BE CAREFUL to use a project name that matches the topmost folder of your project, that is directly under the workspace.
5. For Project Location, point at the TRUNK directory! You will have to uncheck the Use Default Location box to get to it.
5.b. Got your "server" set up yet? If not, do it now.
6. After that's done and you try to preview, it will likely error. Right-click the project, go to HTML Preview, Check the Override workspace settings (you do have your server set up, right?), click the Use Absolute URL radio button, check the Append Project Relative Path box, and enter a URL that you have tested in an external browser. ON a standalone cf installation, it will end up looking something like this, which in its entirety goes into the URL box: http://127.0.0.1:8500/BobsPharmacy/bobswebsite/trunk/
There's the clues for you. Good luck.
Oh, and if you need to keep separate server variables on each machine, this is the path to independence: http://code.google.com/p/configcfc/