Okay just circling back.
So some of this was my misunderstanding and my days of trying to modify the "template" (it's not the actual kickstart file), as well as mis understanding what Cobbler's role in this whole thing was. So what I was after was not really even possible, thanks to NACC on the #cobbler irc channel, he was able to straighten out my terminology.
So ya Cobbler has no idea and never will (unless you go static!) what my clients IP is. This is really an anaconda/pxe issue and not Cobbler, Cobbler is creating the kickstart files and stuff out of my template, so really I need to attack this from a different angle.. So this was much more of me not understanding Cobbler's role in my pxebooting process.
NACC found me some cool stuff via the pxelinux and some stuff I can do there to get the right information (prevent PXE from traversing the network)..
May not get me 100%, but I'm a much better person now that my misconceptions have been cleared up.
Sorry Cobbler this was on me, not you!!
Thanks for everyones assistance!
Tory