When you open PEP2, does it ask you to run in Administrator mode?
I recall now that I downloaded Microsoft Application Compatibilty Toolkit for Windows 7 and created an SDB file that allows PEP2 to run uninhibited without having to set compatibility mode.
If you can locate that tool somewhere on the web, I can share a PEP2 SDB file or a screenshot of what you'd need to configure to allow PEP2 to run with a single click. I think I even tried turning UAC off to no avail before going down this path.