You don't need Activesync for this to work, and the directories don't make a difference (I'm installed non-default), but you might need the MSO stuff. I'm trying to remember...
The underlying cause is that CFMP can't find a certain file that it needs in order to launch MP. The "registration" comment isn't about a "license" type registration, it's a reference to MP not "registering" with Windows so that other modules can find it. CFMP doesn't look in a specific spot for the module, it asks Windows where it is. This is the "registration" thing, and that leads me to think that CFMP is depending on the MSO module.
Paul (the CFMP developer) isn't around a lot right now... And I can't help much more than trying to remember what I did.
I did just go through building a new system from the ground up and it's working fine. I'm pretty sure I did CF, then MP taking all defaults 'cept for the target directory, then CFMP.