I figured out how to get the formats back. I went into device manager and found the "Microsoft LifeCam Studio" device. I uninstalled it and hit the checkbox to "Also delete the driver for this device". After that, I refreshed device manager, and when the device was found, it had the name "Microsoft® LifeCam Studio(TM)", but then changed to "Microsoft LifeCam Studio". That made me realize that it automatically updated the driver.
As you notice in my Win 8 screenshot above, the button "Roll Back Driver" is enabled. This means that the driver was updated at some point. I proceeded to roll back the driver, which changed the name back to "Microsoft® LifeCam Studio(TM)".
Now, in GraphEditPlus, the device lists YUY2, MJPG (24-bit), and M420 (12-bit) video formats for the Capture pin. This seems to be what I have had in the past. It works properly with my application now since a 24-bit format is available.
Overall, Microsoft removed some of the DirectShow functionality of the device when they made the Windows 8 driver. This old driver is from 2006 and works fantastically with Windows 8. I'm assuming it is one built into the OS that was carryover from old Windows OS's.
Here is a screenshot of the working driver for others that would like more video formats available for the LifeCam Studio in Windows 8.