Question Author
You're great, Mr Bounty! Trish's suggestion simply left out that extra step which you provided. Using both suggestions together, it worked!
Right click on the title in uTorrent. That will take you to the Open Containing Folder that Trish mentioned. Then you must right click on the movie file again that comes up in the new window, and then you can choose Play with VLC.
Thanks to you both! (I'm curious though...why didn't the downloaded movie save to the VLC Player like it usually does?)