There you go. Finally someone else with the same issue. I was beginning to think I was nuts.
Don't get me wrong, I wish there weren't any issues, but at least now that someone else has surfaced with same issue, maybe we can begin to solve it.
From all the work I have done to try and get this to work, along with the never ending help from Mauri (Mauri you rock), I think there is either an issue with the way the MW license file is being compiled, or there is a problem with the way the mwSim.m4pw file is being compiled, or there is a problem with the ability for Mach4 to register the mwSim.m4pw file so that it shows up in the list of Plugins in the Mach4 Configuration Menu.
Furthermore, if you try and go the usual route of adding a new plugin using the "Add" button in the Mach4 plugins config menu, that tool looks for a file with the extension *.m4plugw, of which no such file has ever surfaced for ModuleWorks.