I was having trouble getting this to work, so i finally created a dedicated Windows7 Virtual Machine dedicated to just this - using VMWare Fusion. It took some messing around with it, and after giving up a few times, I _DID_ finally get this to work! So I guess I'll just keep this version of the VM around forever and ever.
So I'm just letting you know that it IS still possible to get this to work.
Edit: I did have to use the 32-bit JRE installation separately.