Hi John,
Before moving on, I'd like to confirm whether you are using Office 365 P1 plan?I understand that you'd like to use your own website hosted at GoDaddy. We can achieve it by adding A record and CNAME record on Office 365 to point to the Website.
For detailed steps, please refer to the link below:
Host your website with another provider
http://community.office365.com/en-us/wikis/domains_in_office_365/host-your-website-with-another-provider.aspx
Thanks,
Aaron Yuan