Sorry it took me so long to respond with an update. I took everyone's great advice and went to the OB appointment on 2/14 ready to force the issue. Luckily, my wife's OB was on the same page and it took very little convincing that things were not going to get better.
On 2/15 my wife delivered two beautiful 5lbs+ babies by c-section. Mommy and both babies are resting comfortably and hopefully we will all go home together tomorrow. Both babies went to the NICU, but our little boy was out within an hour and eating like a champ. His sister was not so sure about the whole eating thing, but the last 48 hours have shown great improvement and she's doing well. Mom is doing wonderful, and since coming off the magnesium has been improving by leaps and bounds.
I want to thank everyone who responded with advice, it's such a scary thing to deal with the unknown, and leaning on those who have been there before is such a wonderful blessing.