Hi Chancer, absolute majority of other people managed to install and run Time Machine, so it must be something that you're doing.
What I suggest is, when installing TM copy the contents of the directory edit box, then open File Explorer and insert that address in the address bar. If it is correct, you will see the contents of that folder, with X-Feeder 2.2 being there (file named XFeeder.exe).
If not, then there must be a mistake in the folder path.