No, there were no dependency issues. I ended up fixing it by installing another plugin (just a random theme). Then I was able to do the upgrade, and both the "To be installed" plugin I was having issues with and the theme started working.
Not sure how it got messed up in the first place. I originally just selected to Uninstall the plugin, and after that it just remained in a "To be installed" state. I would think the normal behavior would be to remove it from the list.