FIXED!!
The problem was Commodo Free Internet Firewall!! I was getting fed up with its constant pop up requests to allow this or block that so I uninstalled it and changed to Zone Alarm. I had still been testing the TARGET scripts as recently as the day before (possibly even the same day) and they wouldn’t run, same error message or the script would time out. However it occurred to me this morning that I should try it again now I have ZA instead of Commodo Firewall and BOOM!! It worked!!
I had to re-arrange the order of the controller ID’s using the JoyID’s application so that they matched the order in which TARGET was detecting them when running the script but once that was done the script ran perfectly and created the Thrustmaster Combined virtual device (it has never done that before). I opened the Device Analyser (also never been able to open that before either) and all axes and buttons etc are working fine! Thrustmaster Combined is also now showing in Devices and Printers (but it shows as HID-compliant Game Controller).
So, I am pretty convinced it was Commodo Firewall? The interesting thing to note is that I had disabled the firewall on numerous occasions when trying to get the scripts to run and had also added EVERY TARGET executable file to the Commodo Allowed Programs list but it was obviously still blocking outwards comms between TARGET and my controllers? I have not changed or altered anything else on my system that could have affected this problem as far as I know.
Hope this helps anyone who experiences this problem now or in the future?
I can now start using my Warthog HOTAS to its full potential!!
Sorted!!
PS: VERY happy with Zone Alarm so far too!! Very unobtrusive Firewall.