Answering my own post:
"SAS uses the first eight rows of data to determine whether the variable should be read as character or numeric. The default setting mixed=no assumes that each variable is either all character or all numeric. If you have a variable with both character and numeric values or a variable with missing values use mixed=yes statement to be sure SAS will read it correctly. "
From:
http://www.ats.ucla.edu/stat/sas/faq/rwxls8.htm
So, all I have to do is enter the first 8 rows with an impossible value like 999 and then the rest of the data set can have '.' indicators for missing values and SAS knows that they are supposed to be defined as numeric. Before Analysis I can either subset the data WHERE Y NE 999 or just use the where statement in the proc I'm using.
If anyone knows a more efficient way to do this, I'd love to hear, but this seems like it will work for me for now!
Thanks.