I was able to get this to work and thought i would post my solution in case others might benefit from it. After reading a 16 page forum thread over on Hydrogen Audio's Foobar2000 forum i found out the the value in the Last_Played_Timestamp tag was not an epoch time code but rather a Windows FileTime value that, according to MSDN, "is a 64-bit value that represents the number of 100-nanosecond intervals that have elapsed since 12:00 A.M. January 1, 1601 Coordinated Universal Time (UTC)."
Hmm, OK.
I was able to find an Excel formula to get from epoch time to a date/time value (=(A1/86400)+25569) but now we need to get from Windows FileTime to epoch time and we're good. A little googling revealed that this could be done with this formula (=A1 / 1e7 - 11644473600). So combining the two formulas let's us input the Windows FileTime value and get a datetime value as a result. Here it is (assuming A1 is the input cell):
=((A1/10000000 -11644473600)/86400)+25569+(-5/24)
Which lets us translate 128228745200468000 into 5/5/2007 4:35:20 PM. Hooray for mathematics!
So my workflow ended up looking like this:
1. Define new tag to hold the last_playback_timestamp value (i used "Last Played FB")
2. Set Last Played FB tag to pull from last_playback_timestamp TXXX frame
3. Set a new filter to show only files that have a value for Last Played FB.
4. Select files and use the Copy Tags To Clipboard... function from the Additional Tagging Tools plugin.
5. Select only the Last Played FB checkbox.
6. Paste the values into Excel and apply the above formula, then Copy - Paste Special - Values into a new range.
7. Select range and copy to clipboard
8. Next we use the 'Paste Tags from Clipboard' function.
9. After verifying that we now have datetime values in the Last Played FB tag, use Tools | Copy Tags... and set it to copy Last Played FB to 'Last Played'.
Success! I am ecstatic that I've been able to migrate my 8 years of playback statistics (in addition to ratings, play counts, album art, discogs tags and AMG tags) over from Foobar2000 into MusicBee with zero frustration and my only regret is that i didn't jump ship years ago. I've started to realize that there is very little MusicBee can't do and it seems to work in a more elegant and civilized fashion compared to other media players.