Well, I ended up replacing the HShield folder with one from my last version of working pake. And kept UpdateSkip.dll in. And it worked. No Hackshield error. Everything loaded fine. Got to the character selection screen, and started the game. Then it crashes about 1/3 into loading. No error, just a generic Windows "client.exe has stopped responding". I don't really know where to go from here.
The .dll seems to work, because HShield never loads. However, it still crashes in the same spot every time (about 1/3 into the progress bar). Here's a screenshot of the error.
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Win7, btw.