I missed this post.
From everything I've seen, using a normalized EBITDA value underperforms using a TTM value. However, I'm still in denial about this fact since it just doesn't make any sense to me. So, until I collect more data, I'm just going to assume nothing about EV/TTM EBITDA versus EV/Normalized EBITDA :)
Seems that price to normalized book value works fairly well. (I'm still trying to think that one through.)