I notice my 2950's and 2940's have an ARP table where I can enter in static ARP entries. If I enter all the ARP entries for my servers and networking devices, will this reduce some of the broadcast ARP traffic on my network?
usually static ARP entries are used for hosts that do not respond to ARP request. Because most hosts support dynamic resolution, you usually do not need to specify static or permanent ARP cache entries. When a device does not respond to ARP requests, you can configure an ARP entry to be statically or permanently entered into the ARP cache so that those devices can still be reached.
Adding those entries will definitely reduce broadcast ARP traffic as well.