If it is not a bug, i had near the same problems
read the specified instructions about MScluster in the
http://www.tivoli.com/support/public/Prodman/public_manuals/td/StorageManage
rClient4.2.1.html

or try this funny thing:

dsmcutil inst /name:TSM_Sched_%COMPUTERNAME% /clientdir:"C:\Program
Files\Tivoli\TSM\baclient" /optfile:"C:\Program
Files\Tivoli\TSM\baclient\dsm_%COMPUTERNAME%.opt" /node:%COMPUTERNAME%
/password:%COMPUTERNAME%xxxx /autostart:yes
/ERRORLog:d:\admin\log\tsmlogs\tsmerror_%COMPUTERNAME%.log
/Schedlogname:d:\admin\log\tsmlogs\tsmsched_%COMPUTERNAME%.log
DSMCUTIL INSTALL CAD /NAME:"TSM Client Acceptor" /NODE:%COMPUTERNAME%
/PASSWORD:%COMPUTERNAME%4711 /VALIDATE:YES /AUTOSTART:YES /STARTNOW:no
/optfile:"C:\Program Files\Tivoli\TSM\baclient\dsm_%COMPUTERNAME%.opt"
DSMCUTIL INSTALL REMOTE /NAME:"TSM Remote Client Agent" /NODE:%COMPUTERNAME%
/PASSWORD:%COMPUTERNAME%4711 /VALIDATE:YES /partner:"TSM Client Acceptor"
/AUTOSTART:no /STARTNOW:no /optfile:"C:\Program
Files\Tivoli\TSM\baclient\dsm_%COMPUTERNAME%.opt"
net start "tsm client acceptor"
notepad d:\admin\log\tsmlogs\tsmsched_%COMPUTERNAME%.log


regards
Joachim