Nah, I don't have another machine to test it on.
I've tried everything I can think of, short of reformatting again. I've installed virtual env installs of Windows, which had the same result. Tried multiple DX installs, C++ runtimes and a bunch of other crap I found online. Nothing worked.
Strange thing is, when I run the model viewer and load a mesh, it uses the damn converter to convert the textures. So the converter IS working. I just can't get that damned UI to work and it's pissing me off!! I'm at a loss here. I would just load models into the viewer to convert textures, but it won't give me the options to tweak compression, create bump variants and such.
Also, Arparso was awesome enough to help me out quite lot today. He also tried virtual OS installs and clean installs of Nexus - he got the same results from the converter. It loads into the processes tab in Task Manager but that's it - it never showed up. So at least it's reproduceable.
When I have more time, maybe next weekend, I'll format again. If that doesn't fix it, I'm done with Nexus.