Perl code can be remarkably compact if your requirements are loose (as they appear to be).

#!/usr/bin/perl

use strict;

my $important;
while ( ( $_ = <DATA> ) !~ /^\-{10,}$/ )
  { $important = $1 if /^Important Text: (\d+)$/i; }
while ( <DATA> )
  { print join ( ",", $important, split ( /\s+/ ) ) . "\n"; }

__DATA__
Date 08/17/11 Report Page 1
Time 12:46

Important Text: 1
Misc Text: All
Misc Text: Sec
** Indicates
APPTEXT


PLINE     SCODE    PCODE    FID    SEC    unsec     fcs
----------------------------------------------------------------------
+---------------------------
TEST     TT     TT00    TT00.1    NO    xxxx    TTD
TEST    TT    TT00    **TT00.2    YES    XXXXXX
TEST    TT    TT00    **TT00.3    YES    XXX
TEST    TT    TT01    TT01.1    NO    XXXXXXXXXXX    TT
TEST    TT    **TT02    TT02.1    YES    XXXXX
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Output:

1,TEST,TT,TT00,TT00.1,NO,xxxx,TTD
1,TEST,TT,TT00,**TT00.2,YES,XXXXXX
1,TEST,TT,TT00,**TT00.3,YES,XXX
1,TEST,TT,TT01,TT01.1,NO,XXXXXXXXXXX,TT
1,TEST,TT,**TT02,TT02.1,YES,XXXXX
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