So, here's what seemed to have happened to cause this error.
We have a custom control for WFM Work Requests. The DLL gets registered in the COM Category "M&M Process Framework Control" and configured in the PxAdmin tool States tab. This was built and tested in a development environment and worked fine.
To expose the control to a broader audience the DLL was moved to a shared drive location (Z: ), the old location unregistered and the new location registered in the COM Category.
Once that was done the PxAdmin tool seems to have lost track of when the component was registered and threw up the error shown above. Once the DLL was unregistered from the shared drive location and to a positively known location all was good.
At this point the problem *may* be that a drive mapping (Z: ) was used instead of a UNC path (i.e,, \\servername\sharename\path\file). Still working on this.