Hey Guys,
Thanks for the replies. I did find dmmarck's instructions in the thread and was able to successfully root after a couple of tries. I really would put a warning on the orignal post because anyone who comes across it now (and it's the top result when you google "how to root galaxy nexus on mac" is going to have 4.0.4. So it's pretty confusing/scary when it doesn't work. Granted the answer is in the comments - but it's on page 8 of 14 (so it's hard to find) and although dmmarck's solution is spot on, it isn't really explained for a newbie like me. I know, that's not your job, but there should be something on the o.g. post saying "THIS WILL NOT WORK IF YOU RUNNING STOCK 4.0.4"
I saw the first few pages of comments and thought it was going to be a piece a cake. Took me 10 very stressful hours to figure it out. I'm not complaining, just saying you should warn other new guys like me.
Thanks for all your help. Feels good to be rooted!