I did as Razorwit said and my Tranzport now is working perfect.
Thanks Great Forum
Peace

As I noted, all you have to do, when installing the Frontier drivers is select compatibility mode (I think I used Vista) and it installs and works perfectly in both Windows 7 64 bit and Window 8/8.1 64 bit.  There is no need to circumvent the install program.

I rebuilt my system yesterday with win 8.1 64bit and was quite pleased that the Tranzport still works.  Since I can no longer use the Contour Shuttle Pro (v1) in Windows 8, I am going to have to get used to the Tranzport for this role.  It's funny because I have the Tranzport, the BCF2000, the Contour Shuttle Pro v1, and the Ediorol PCR-800 - all of which have transport functions on them, yet I really prefer the way that the Contour worked.  But since the V1 has been long-since out of production and updates, I don't really care for it.
 
There are two issues with the V2 software (which does work with a V1 device) that have been brought up many times before:
1.  When Sonar doesn't have the focus, the Contour doesn't work.
2.  The "shuttle" part can only be set to use a shortcut key, so the smallest resolution it can scroll is by measure.  This could be worked around in there were a keyboard shortcut to move forward or back by beat.  Has this been added in the X3 line?
 
Thoughts?

Thank you, everyone, for the excellent information. Simply selecting "Compatibility Mode (Win7)" on the installer did the trick. My TranzPort is back in commission.
 
I agree with a previous poster: Great forum! Quick, relevant responses to my question. Thanks again.
 
Now, I'm going to get back to pressing the big, red record button...
 
Cheers 

Thanks so much for posting this solution! My Tranzport lives on.

Just to add to the waterfall of love for this thread... my Alphatrack now works under win 8.1 - I had given serious thought to downgrading to win 8.0 to fix this issue - so thanks to all who posted here.
 
I also fixed this by simply running the installer in win-7 compatibility mode.  Did a re-boot, plugged in my Alphatrack and all was well.
 
As an aside, when adding the control surface, don't forget to select 'Frontier AlphaTrack' as the controller/surface, else you'll think it's not working...
 
...not that I would make such a schoolboy error... <ahem>...