Dave, I would say that the best time to do any noise reduction is after development not before. Development such as saturation increases, dodge, burn, etc can bring out noise that was not objectionable before development.
In the case of digital noise, what is most objectionable (IMHO) is the low frequency color noise, which is exactly what your saturation increase of an ISO400 shot is bringing out. This noise is most visable in the dark areas of the photo. If you are very confortable with PS here is one way to try and correct the problem,
1. Select All then do a merged copy of your image.
2. Paste this into a new layer on top of the image.
3. Set the blending mode (which defaults to "Normal") of this new layer to "Color", we only want to remove color noise.
4. Apply either the Median, or Gaussian Blur filter to this layer, start with a radius of 1.0 and increase until the color noise is not objectionable in the darks of your image.
5. Add a layer mask to this layer.
6. Paste in a merged copy of the image (still in the copy buffer from step 1) into this layer mask.
7. Invert the layer mask.
8. Apply a levels adjustment to the layer mask, adjust the Input Midpoint (which defaults to 1.0) down towards 0.1 until it reduces enough color noise in the darks.
That is it, good luck.
The layer mask basicaly stops the color smoothing in the highlights and upper midtones where you won't be seeing any color noise.
BTW, nice Long Beach Island shot on your website