You are not the first person to be having problems with installing games that use elicense running on 64 bit windows. There are several people who have brought games from greydogsoftware who are having the same problems, I would go to
http://www.greydogsoftware and email one of them and find out if they can help you solve the same problem. I believe that there was a person who mention that elicense currently does not support 64-bit windows. If you go on to there website they should have a Q&A page that talks about 64-bit windows and If they currently support it or not.