I think I finally discovered the correct solution. Mac applications are actually packages. What you see as a single app is a folder containing sub-folders, files and links, etc. Comparing the NOOK for Mac and NOOK Study applications by selecting the "Show Package Contents" option when right-clicking the applications showed that there was an Alias present in NOOK Study that was not present in NOOK for Mac. This Alias was named "CodeResources". In addition to copying that to the Contents folder it appears you also have to copy over the "_CodeSignature" folder. I simply copied both over fron NOOK Study to NOOK for Mac and it worked fine after that. You may find, as I did, that the first time you then start up NOOK for Mac it may take a minute or more to complete the sign-in process. I think it may be dependent on how large you Library is.
UPDATE - Worked the first time, but would not open the second time I tried. Will post another update as I am working on it.
UPDATE - I deleted NOOK for Mac and re-installed from the disk image. I noticed earlier that I was having a problem accessing a couple of websites that I am able to access on my Windows 7 laptop. I went to Safari's Privacy Preferences and deleted all website data. Now NOOK for Mac seems to be working every time I start it. Seems like there might have been something (perhaps a cookie) that was interfering. Anyway, it is working now.