Not sure why you are getting such a low voltage at vref... can you check the resistors installed for R4 (2k7) and R12 (470)? And your logic supply is +5V? What motor voltage are you running?
Honestly Troy, I don't set it by the calculation: I always just adjust it to the lowest setting, fire up, start the motors spinning, and then crank it up until they move reliably. There isn't any point in running them at the peak current if less will do. Then I let it run for a while to make sure nothing is overheating. A little drop of scented oil on the motor and heatsink is a good trick to monitor temperature over a long run: If you start smelling it, something is toasty.
James hosts the single best wiki page about steppers for CNC hobbyists on the net:
http://www.piclist.com/techref/io/steppers.htm Disagree? Tell him what's missing! ,o)