The registry key is found under HKEY_CURRENT_USER (not HKLM as you were previously looking). Verify that this registry key has been set.
Also, it may be that one of our assisting DLL's didn't get properly registered during the install. Open a command window and go to the install directory (typically: c:\program files\personify design\teamlook). From here, type in the command line: regsvr32 TeamlookRDO.dll
It may be that this DLL didn't get unregistered in the first place if you had a previous install.
If this doesn't solve the problem, my only other guess is that your TFS binaries are not matching the binaries we are trying to load. During install, did you choose to install for TFC 2005? If you tried to install for TFC2008, this would also explain the failure to load required DLL's.
Thanks,
~Joe
(If you care to take this offline, you can email me at my user name to the left (jbuys) (at) personifydesign (dot) com.)