I received the ElmScan 5 today and was able to do some debugging this evening to get it to work. I rewrote part of the communication interface to the device so hopefully this will be more reliable. The new setup that I'm posting works with the Elmscan 5 right out of the box...I did not change any settings on the scantool itself.
Remember to set the right com port and baud rate before trying to connect. Enjoy!