Having just put PEAssist on my lappy, to make it work I can confirm you need to:
1. Install it in the folder ..Entropia Universe > bin32
2. One subfolder will be > Settings. Right-click the folder and select Properties. On the Security tab, select Users in the upper window, clik the Edit... button, and then tick the Modify box in the lower window, then OK button. This stops the 'Cannot write to Windows.ini' error message.
3. In your anti-virus program, exclude the process ....\entropia universe\bin32\entropia.exe. This stops the client-loader hanging when trying to start.
4. Start PEAssist and right-clik in the system tray, select Options. Ensure all options are unticked. While you've got that open you might as well select the modules to load too (for eg. I only use the notes and calculator).