I have exactly same problem, just the difference is that I am on Windows 8.
I did what you have told, but still, the Application crashes when click CONNECT TO TFS.
Also, when using Command line it gave me this error.
Unhandled Exception: System.IO.FileNotFoundException: Could not load file or ass
embly 'Microsoft.TeamFoundation.VersionControl.Client, Version=10.0.0.0, Culture
=neutral, PublicKeyToken=b03f5f7f11d50a3a' or one of its dependencies. The syste
m cannot find the file specified.
at TFSChangeLogCL.TFSChangeLogMain.ProduceTFSChangeLog(String tfsChangeLogCon
fig, MainWindowViewModel m_viewModel)
at TFSChangeLogCL.TFSChangeLogMain.Main(String args)
Also attaching snapshots for your reference. !