Eventually figured out what works for me here. Below is the basic logic minus the rtrim stuff and additional fields, but I've done it with several fields and work as desired.
| inputlookup MASTER_LOOKUP | fields + MASTER_name MASTER_ip
| lookup COMPARE_LOOKUP COMPARE_ip AS MASTER_ip OUTPUTNEW COMPARE_ip
repeat above for _name, _mac, and any other fields needed
| fillnull COMPARE_ip value="No Matches"
| stats count AS "MASTER", count(eval((MASTER_IP=COMPARE_ip ))) AS COMPARE
| transpose
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