So there's no way to use Audio Input as an insert effect? i.e. I need separate tracks in Pro Tools to send and receive the audio.

It does work but if I rescan plugins from Preferences, I get the aforementioned error and have to force quit it.

I am getting the same error.

* I upgraded to VE Pro 5 from 4.
* I installed the upgrade license, using eLC.
* Upon scanning plugins, VE Pro reports that there is no license for VE Instruments Pro (a product I have not nor do wish to purchase)
* Finding this thread, I upgraded to eLC 6.3.4.2082
* I rebooted and restarted VE Pro 5
* Same error

Is there a way to resolve this or should I downgrade to 4?