This afternoon I talked to our distance coach who has suffered from IT Band problems in his own competitive career. He told me that the the best stretch is where you sit on the floor with one leg straight, cross your opposite heel over the extended knee, and then stretch by rotating your trunk and placing the opposite elbow across the upright knee. An alternate stretch is to stand upright, bring one knee up to your waist, and then rotate the upright leg and knee across the opposite hip. Those are, according to him, pretty much all you can do physically to alleviate the symptoms besides changing running directions, etc.