I know this has been "answered" by simply stating it's a bug, but here is my solution to make things work:
First, my VMRC links (a.k.a. Launch Remote Console) were opening in VMware Workstation 11, and not VMRC 8.0. So, to fix that, I did this:
Open regedit, go to "HKEY_CLASSES_ROOT\vmrc\DefaultIcon" and "HKEY_CLASSES_ROOT\vmrc\shell\open\command" and changing the entries from VMware workstation's exe path, to VMRC's path, which in my case is "C:\Program Files (x86)\VMware\VMware Remote Console\vmrc.exe"
Part 2: Now, it would open my links in VMRC, but would throw an error about the "elevated.dll" thing. I did a search for that and found this registry key with that entry, "HKEY_CLASSES_ROOT\Wow6432Node\CLSID\{420F0000-71EB-4757-B979-418F039FC1F9}". I deleted this key.
Part 3: Now, things were opening without an elevated error, but it needed elevation for it to properly work. So, in File Explorer, I tracked down the "vmrc.exe" file, right clicked, went to Properties > Compatibility tab > Change settings for all users > Run this program as an administrator. Clicked that box, clicked OK, OK, OK (however many OKes there are) and done.
After doing these three things, I had a working model, for VMware Workstation 11 installed, and with VMRC 8.0 working correctly.
