I had a similar problem to Jambo, in that every time I tried launching it crashed. After some digging, the problem I was having was that my Teensy3.2 card had a device name of “Keyboard/Joystick/Mouse”. The Alternative Launcher tries to create xml files for each device but crashed when trying to create that one because of the slashes in the name.
Altering the device name in the registry solved the problem. However, perhaps there could be a solution in the code that detects slashes (or other not-allowed characters) in device names and does a work-around.
(By the way, I love this program. This makes using multiple input devices thousands of times easier than the default and I no longer have to mess around in Target to make the throttle, joystick and MFDs appear as if they were one controller).