Well I came up with a workaround that'll hopefully keep working as I get farther along in my project. Figured I'd post my hack of a fix here in case someone else was having a similar issue.
Basically what I did was set a condition comparing the layout size to the resolution size. If the layout size is smaller than the resolution size, then it resizes the layout to match the screen resolution.
<img src="http://img51.imageshack.us/img51/8809/fullscreenevents.png" border="0" />
After that, I set the magicam camera up with gridscrolling. That way the player's view will still be restricted to being inside the layout.
The only bug I have right now is upon switching from windowed to fullscreen, where the camera position is set to the top left corner for whatever reason. When the player gets back onto the screen it begins to scroll like normal again. I tried having the camera automatically move to the player when changing to fullscreen, but to no avail. Oh well, I'll try to figure something out.