A modified perturbation procedure for computing relativistic atomic bound-state energies is described, in which the instantaneous Coulomb interaction is included in the unperturbed QED Hamiltonian and the effect of virtual electron-positron pairs and of virtual transverse photons is treated as the perturbation. To illustrate the method in the context of a simple model, a one-electron atom is considered and a ‘‘one-pair’’ approximation is analyzed in detail. The approach is based on the resolvent-operator formulation of many-body time-independent perturbation theory. The removal of divergent vacuum-to-vacuum matrix elements is easily accomplished in this formulation, and it leads rather directly to the derivation of a modified Dirac equation in which all perturbative effects are contained in an effective one-electron potential. A set of integral equations for the evaluation of the effective potential in the one-pair model is derived. These equations have the same structure as the Dyson-Schwinger equations of covariant QED and serve a similar purpose. That is, they allow for the isolation of the divergent self-energy and vertex parts, leaving a finite kernel (the K matrix) which contains the effects of multiparticle intermediate states. In the one-pair model considered here the intermediate states consist of an electron and a virtual pair interacting Coulombically. It is shown that the K matrix can be constructed with the aid of a rigorous minimum principle of the Rayleigh-Ritz type. That such a minimum principle exists appears to be an advantage of the noncovariant Hamiltonian procedure. The inapplicability of standard renormalization methods is, however, a distinct disadvantage. While some progress (the removal of vacuum divergences and the isolation of divergent parts in the integral equation) is reported, a full resolution of the renormalization problem in the Hamiltonian formulation remains to be developed.