Actually I played around with CCP a little more and have figured out a way to do this. Wanted to update my thread for anyone else who finds themselves wondering about how to do this also.

I created a power on and power off macro button for each device on the last page of the device. I'm also using true/false variables for each device on the on and off buttons so that the commands are only sent when the device actually needs to be turned on or off. I went ahead and aliased the off macros for all the other devices that won't be needed on the "on" macro for the device I will be using.

So when I turn on cable, the on macro for cable also runs the off macros for blu-ray, media pc and ps3. When I turn on blu-ray, the "on" macro runs the "off" macros for cable, media pc, and ps3 before turning on the blu-ray itself.

Seems to be working out so far! :)