Hi Plasma
Some good news and bad news. I too have been trying to make a working backup of PE5, with similar success (failure!)
However, if you uninstall PE5 you can then reinstall with a backup on the same machine/setup (This on XP). Seems that PE5 puts the CD fix in the registry or something after first run.
So as long as you don't trash the machine you have PE5 installed on (i.e. make a backup of the registry/current system too! - sure you do!)
This is worth a try for now. Alternately try Pinnacle, although I can't see them helping, they wouldn't help me lol.