One potential issue is that the path to the Ultra Recall executable is not placed on the clipboard.
The default generated command line looks something like this:
UltraRecall c:\files\test\test.urd /item 2767 .
This Ultra Recall help file
entry documents how to instead include the entire path. See the
Item command-line format: section -- the essential change would be to replace
%UR% with
%URX% in the
Miscellanous option setting with the same name.