This is getting aggravating, both the error and posting to my self <s> For this go around I decided that I would not create the project where I wanted it ( down a few levels of folders ) but ‘hang’ it right off the C: Drive ( C:\SA ) I still did not get the expected User Preferences Dialog, and I did get the error as originally posted. Again why this error? This is not giving me a good first impression. ( I wonder if this is the reason I shelved it 3 years ago )
Anthony, hang in there! It'll come to you - delete the flashstd.* files on the root of the c:\ drive. You'll get what you're looking for.
Also, delete all the FXP's from your application and Mere Mortals Framework Directory when creating a new application.
Check out http://www.dandyvibe.com - they'll be some guys there waiting to answer more of your questions... For freeeeeeeee!