Based on the advice of another user on CB, I presse the trackball firmly down and then moved it in a number of directions to increase its sensitivity and clean the internals.
This helped my scrolling but seems to have greatly diminished the "clicking" feeling/response of my trackball.
The trackball works perfectly, scrolls wherever I want it to scroll and clicks on what I want it to click on. BUT, it no longer produces the physical "click," it just moves up and down. Im hesitant to replace it because it still works, and who knows what the replacement phone will be like!