I don't know if adding Users at that point will solve problem, and if you want to make the registry change, it's at your own risk.
If you're willing to continue, here's what to do. (and thanks for helping to track this problem down)
For the HKEY_CLASSES_ROOT\CLSID\{0b91a74b-ad7c-4a9d-b563-29eef9167172} key, go to permissions and advanced.
Add Red-PC\Users and select to Allow Query Value, Enumerate Subkeys, Notify, and Read Control.
If it still doesn't work, get a new capture of Process Monitor and look for the next problem.
Zune Product Team
.: This posting is provided "as-is" with no warranties, and confers no rights :.