Slim

Okay so from the top (for a portable install):
Uninstall everything.  (back up your save folder, active mod, etc if you have anything that you don't want to lose)
Run tk17v10.1.00_setup.exe and choose the portable install option.  Install to new directory (something like C:\KlubExile, don't place it inside the Program Files folder as this can cause permission problems)
Open the game Updates folder, unpack and drag the files from TK17VXF_Update 1.00p into the install folder and overwrite everything when prompted.  DO NOT install any other patches.  ONLY install the 1.00p patch.  (That's p as in papa)
Open TK17VXF_Update1.01P_KE1, unpack the files, place all folders inside the TK17VXF_Update1.01P_KE1 folder (not that folder itself) directly into your install directory and overwrite when prompted.
If done correctly you should have VX-Mod and VX-Patches folders in the top level of your install directory.
After that you'll want to use 'Binaries\TK17_Launcher.exe' to launch the game as the application in the top level of the install directory will crash the game.
At this point your install should be working.  
If you can get to this point then from here you can try installing Hook5, addons, etc.

My apologies for answering my own question here but I think I found the solution to my problem so I'll post it here in case anyone else encounters this.
The solution was to add entries to "PersonPreferences.bs" located in "Scripts > Luder > Common".
You need to find the section that your model is defined under (real female, base female, etc) and add 3 entries for each custom model you've added:
:PersonDescNNN .Preferences :Preferences_P; :PersonDescNNN .PreferencesPain :Preferences_F_Pain; :PersonDescNNN .PlayerPreferences :PreferencesPlayer_F; Where NNN is the number of your model (check your saves folder to see what number your model is).   If your model is male change the "F" to an "M".
After adding these lines the model appears to be working as expected.
 
Cheers,
-Slim