I've been working around these problems for years because I haven't found a solution.
I'm working on Macs: a MacBook Air running 10.9.5 and a new iMac. I also need to open tests and testbanks on the two PC's at work.
PROBLEMS
1) I can't enable testbank editing for any testbank. I get an error message "The path for the test directory is not valid." (This is via the Preferences tab under Tools.)
I've dumped the software and testbanks, and reinstalled everything multiple times, and I still get the message.