For those concerned with this issue,
It seems I have just figured out the solution–
Simply updating the 285m driver through the device manager isn’t enough, you’ll need this one here called “verde.”
Duh!
https://www.nvidia.com/object/notebook-win7-winvista-64bit-257.21-whql-driver.html
Now “Mercury Playback Engine GPU Accelerator” AND “software only” are available, no longer ghosted out.