Probably beating a dead horse, but foam roller is great. While using it can be annoying, it totally helps. Also, I did accupuncture on it for a few sessions, and it went away. I continue to use the foam roller though.
I'll second that foam roller suggestion. I'd say using it (if you use it right) will likely at first cause you more discomfort than you are in right now. Otherwise, stick to your PT's plan and do some strengthening excercises. The other thing I may add is a massage- my gal is a miracle worker. Although a session for IT band may not be pleasant at all, it may be worth your time to start the healing process by working the inflammation out.
I have never experienced this injury so have no words of help as to where to put ice other than right where it hurts- use a towel, 10 min sessions max.
I have some really nice "foam" rollers that I got at a marathon expo once, they are called Trigger Point... they really work well and last forever but are expensive. Otherwise, my mom got me my cheaper foam roller version, performbetter.com, they also have some great stability and other products that help build strength, balance, etc.
Also found this article... may be helpful.
I posted in the newbie forum about this a while back, and just got a couple replies today, including a link to this thread. I didn't know what the pain was at first, but figured it out with google. I bought a foam roller, and it hurt so bad the first several times I used it, I was laughing and crying at the same time. After a few days, though, the pain really subsided. I used it a few times a day for a week or so, and the pain went away. It came back when I stopped using the roller. Now I LOVE using it. And find it helps my hip when I roll on the side of my butt as well as my thigh. It's the best! I got the pain even when I didn't run for a week (go figure), but a roll twice in a day made the pain go away.
Totally sold on the roller. Thought it REALLY hurt when I first used it. Almost didn't do it again.
The foam roller is magic. Not really but it really works on knots in most of your muscles. Check out this site for pictures
Plan your run and then run your plan.
I'd say wherever it is that hurts the foam roller is your "best friend". I have a great book that may help you, it's called "The Pain Free Runner", written by a specialist, I have found it to be hugely valuable "bible". I swear by it... has trigger points, muscle charts, etc. Well worth the $15 or so I put into it, it's been a while so my memory on price may be bad, but I'd say invest in it. I say kudos to you for being smart and listening your body... that will help you in so many ways for the long haul.
I had this problem a few years ago and I tried EVERYTHING they threw at me: stretching, pain relievers, physical therapy, cortisone shots, exercize bike, total rest. But nothing even lessened the pain. One specialist told me to find a new sport, which really upset me. After 9 months of not running, I went to a specialist that did this surgery called an IT band release. I don't totally understand it, but it basically relieves the pressure on the knee (where the pain was) by cutting/lengthening the IT band. Because of the months of my knee being messed up b/c of the IT band, they also had to scopically fix my knee cap. Anyway, surgery sucks, but I was running again in 2 months and have had no residual problems or pain in that leg since (the surgery was in August 2007). I train about 50 miles/week and I ran my second marathon last October. I'm not suggesting you run out and get surgery unless you're at the end of the rope, but as an absolute last resort, it really was one of the best things I ever did.