After lots of research I was able to piece together a solution on my own.
Solution:
To fix audio CD media:
open regedit and navigate to HKEY_CLASSES_ROOT\AudioCD\shell\play\command and modify the Default value to C:\Program Files\Windows Media Player\wmplayer.exe /device:AudioCD "%L"
To fix DVD media:
open regedit and navigate to HKEY_CLASSES_ROOT\DVD\shell\play\command and modify the Default value to C:\Windows\ehome\ehshell.exe /directmedia:discplayback
These two registry entries will modify the default double-click and "Play" context menu actions for DVD and Audio CDs when being viewed from File Explorer. The command line switches are specific to my selected default programs (windows media player for audio discs and windows media center for DVDs)