If I have a page on my site that is almost a sub-page of another, is it good to have anchor text on the parent page to link to the other page that relates very closely to it?
if it is a relevant page that provides additional info, then you can link to it from the parent page. this is a common type of internal linking so no worries
So if I have this page: http://www.listshere.com/michael-jackson-albums and take the "Ben" text from the list and hyperlinked it to this page: http://www.listshere.com/ben-track-list then that is good for SEO?
yes it is good for SEO, this gets the bots to crawl to other pages within your site that are relevant.