I haven't tried the Multiverse Complete download, got everything working before that was available.
Did you select "Designate Asset Repository" from within one of the tools such as World Editor, Model Viewer, Terrain Generator etc? I didn't have issues with the tools but that was before Multiverse Complete.
Afaik others have Multiverse Complete working, at least under Win7.
Multiverse can be challenging to setup but it does work. It took me 2 weeks (not typical) to get the servers running and connecting. I never had issues with the tools though.
Love DeleD for static meshes, exports assets where they belong and has lightmapping!
Happy Holidays