Joe,
Thanks for this, I would have whipped something up, but I still only have VS 2003 here at work.
Now, this is where it gets a bit interesting.
I have validated that the REMOTE_ADDR server variable is returning a value of 127.0.0.1
I have the rule set to "Redirect" to google.com for requests where REMOTE_ADDR EQUALS 127.0.0.1
After saving that rule I closed my browser and then re-opened it and tried to go to the site, I was able to get to it without any difficulty.
So then I thought, well if it isn't matching on Equals, if I do "NotEqual" it should do the redirect, so I changed the setting and then repeated the process of logging off and restarting IE and let again I was able to get to the site.
I also tried RegEx matches and other items, but it never worked :(