I'm not sure what could cause an error messagebox to be shown instead of a tooltip. When I do Insert Macro -> REG_READ -> OK and hover the mouse over the field, I get a tooltip with "<Error expanding macro value: Invalid hive name>" (expected since the value has not been set). You might try re-downloading and re-installing VBP in case something got corrupted.
As far as the error message itself, it sounds like the registry key you provided is not valid. Take a look at the RegEdit.bld sample for a sample use of the REG_READ macro.
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