I got it managed to run CS4 and CS5 on one machine with full encoder functionality:
C:\Program Files (x86)\Common Files\Adobe\dynamiclink
The content is one CS5 folder, which is correct. Dont touch!
The other files are mismatching links which get confused by installing CS5 after CS4. check the shortcut’s directory with right mouse click and copy the After Effects and Premiere Folder containing the .exe to the directory which is displayed in the error box, when trying to follow the link.
Once done, everything works fine…
A little sad that there is no possibility to get it easier like maxxon supports, i.e.
Enjoy dualism.
customize your life