I moved to 5.5.0.6 and it worked fine.
 
Maybe the 5.4.2.3 patch was sent out with wrong DLL. indicated as
5.5.0.6 in event viewer.

________________________________

From: Ochs, Duane 
Sent: Monday, July 21, 2008 4:32 PM
To: 'ADSM: Dist Stor Manager'
Subject: 5.4.2.3 fresh install.


Trying to define the service. 
Any one seen this before ?
Faulting application dsmcutil.exe, version 5.4.2.3, faulting module
tsmutil164.dll, version 5.5.0.6, fault address 0x0000000000001d35.

I'm going to try one version back of 5.4