DAMN!
There's two ways to look at this: either I always stop looking and ask for help just a few minutes too soon
<or>
The empeg board is
so good at solving problems and answering questions, that a simple post on here immediately produces the answer you're looking for without anyone even having to respond!
I swear I've been trying to solve this problem for the longest time now, and have spent the last day working on it.
Anyway, it's solved now. If anyone has this same problem, follow
these instructions to get everything working. Turns out simply increasing the priority of the Directshow filter in the VFAPI plugin solved the whole problem. Actually, I found those instructions speed up the process significantly regardless of what problems you're having with the program.
Sorry to waste everyone's time yet again. I hope it's at least helpful to somebody.