Solved
Known Visitor HTML not accepted tokens
This is odd. I used the token insert button to put these in. Any suggestions on why the tokens aren't rendering?
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You're going to laugh, but I think there's special logic so it has to be lead.FirstName and the normal tokens through the "insert token" dialog simply won't work. See this doc: http://docs.marketo.com/display/DOCS/Show+Custom+HTML+Form+for+Known+Leads
Also, when you select "Custom HTML" we put this in by default
Welcome back, {{lead.FirstName}} {{lead.LastName}}
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