Please mark this as resolved! I found a solution through trial and error. I will share it but keep in mind I am using WP 3.5.1 and BP 1.7 beta 1. 
What I did was copy the folder from mysite/wp-content/plugins/buddypress/bp-templates/bp-legacy/buddypress into the root of my child theme. Then I navigated to mysite/wp-content/themes/mychildtheme/buddypress/members/index.php and I edited that file. After the code: 
<code>
<div class="item-list-tabs" role="navigation">
			<ul>
</code>
Add this line above the first <li> item:
<code>
<li class="mypersprof"><a href="<?php echo bp_loggedin_user_domain(); ?>">My Profile</a></li>
</code>
Save and it it will add a dynamic tab to the left of the members tab on the members page.
Cheers!