I was able to do this.
In FM 11, in the, "Export records to File" dialog, I chose "Comma Separated Text Files (*.csv)", from the "Save as Type" drop down menu. That let me create a comma separated file, which I verified with Excel (looked OK to me). In Outlook, I chose "Comma Separated Values (Windows)" from the "Import a File" dialog box. I chose "Contacts" from the "Select destination folder" tree option and made sure to "Map Custom Fields" in the "The following actions will be performed" option. They all seemed to import correctly after that.
I was using Outlook 2007 though and maybe something is different in the new version.
I will certainly give that a try Dave - Thanks!