I’ve downloaded (from Fun with DVR-MS article on MSDN) and rebuild DVR-MS Editor in VS 2005. It works great.
The only issue in migrating is to resolve ambiguous references and explicitely specify namespace for ProgressChangedEventArgs and ProgressChangedEventHandler as
Toub.MediaCenter.Dvrms.Conversion.ProgressChangedEventArgs and Toub.MediaCenter.Dvrms.Conversion.ProgressChangedEventHandler
I also noticed that a link to extended version of tools is available from DVR-MS: Adventures in Closed Captioning article.