Well, first of all where did you install your version of RTW 1.5 to? When you retrieved that bit of information, make sure that you install EB to the exact same location. Do not think that something may or may not make a difference, experience has learned quite a few others otherwise. It's been just that plain simple with other people: if the shortcut can't find the RTW.exe, then you've installed EB to the wrong folder.

Make sure to have uninstalled your previous EB installs before attempting to reinstall EB though.