You could have also just used this virtual tag which would work on all tracks without having to change any tag values at all:
$Split(<Artist>," feat. ",2)
Nice, thanks.
Here's the custom tag I put together that extracts my featured artists and also handles compilations:
$If($Contains(<Album Artist>,"Various artists")="T",<Artist>,$Split(<Artist>," feat. ",2))
This works if your Artist tag is formatted as I described in my original post above. For compilations, I simply list the Album Artist as "Various artists" and the Artist as whoever is actually on the track. Works great.
Thanks again to everyone who helped me out here.