I have discovered an issue with the above method: if you need to download anything from within the program (like an instant movie theme or template) it will fail, as it cannot connect to the CloudFront Servers.
So while the above method does make the program run OK, it gets in the way of what will be key features for some.
So it's a workaround really, but not a complete solution...
If anybody knows why Elements is trying to download from Cloudfront, please do post it here.
Thanks and kind regards,
GRB.