I've begun to notice that above a certain speed (about 55 mph) my hood starts jumping up and down very aggressively on either side. From what I can tell, it looks like air is getting under it.

My concern is that whatever is still holding it in place (such as the latch) will eventually give out and cause the hood to fly up into my field of view. What are some likely failure points that could be replaced/adjusted to fix this problem?

Thanks

You should check that you have the rubber adjutable plugs at each front corner.

These help to take any play along with the hood latch wich can also be adjusted.

Very important that the hand release hook be spring loaded and well lubricated.

YES! Extremely dangerous. Air comes in through the radiator. If the hood flies up you would be instantly blinded. The latches and hinges need to be inspected closely for loose bolts and worn or broken hinge joints. Also possible rusted away mounts. I would suggest opening the hood and test the latch operation and then try lifting the rear corners to check for looseness in the hinges.