Wow, this took some time but it looks like they fixed that weird issue of the missing HD storage locations. Now I only have the Cloud, my USB flashdrive, and a single listing of a HD location. I still keep things on the flashdrive but I am thinking the HD storage option will work now. Hm, might give it another go.
Doh, wait a minute, the old HD storage folders are still there! Oh well, I guess it’s still a new Waves licenser.