Hi Dale,
When I change the IIS settings on my deve machine to use port 8080 and then I view it from another machine on my local network it works fine for me so I suspect something in your web server confguration or if there is a proxy server or firewall in your environment that could also be a factor and/or if your are doing port forwarding in your router using filters that could be causing this.
If you changed IIS to use port 8080 then your local url should be http://localhost:8080/mojoPortalWeb/ not http://localhost/mojoPortalWeb
I tried it both as a root site like http://vistalaptop:8080/ and also as a sub application like http://vistalaptop:8080/mojo/
Both configurations work fine for me.
I just map the name vistalatop to the ip address of my laptop in the hosts file on other machines on my network.
Wish I could be more help but it seems an issue specific to your environment. Maybe knowing more about your setup would give me more ideas.
Joe