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"Unable to load" error opening ps1 in Visual Studio 2010


Here are the steps I followed:
  1. Installed PowerGUI
  2. Installed PowerGUI VSX 1.5.5
  3. Launched PowerGUI Script Editor x86
  4. Open Visual Studio 2010
  5. Open PS1 file
I get an error that says "Unable to load PowerGUI components. Please install PowerGUI before using this extensions". Any suggestions? I have tried every permutation of the above 5 steps I could take with no difference. I am running on a Windows 7 x64 machine.

I have seen this issue posted many times before with no real resolution. The only hint was to make sure you completed step #3, which I did.