Looks like Its sorted; thought I'd post this in case anyone else has a similar problem:
Looking over the Dr Watson log I noticed among the runninfg tasks SynCor.exe
I was sure this was not on the Task Manager list; looked again and it wasn't.
Tried starting P5 again, P5 fails and there's SynCor.exe again in Dr Watson log AND now its in the Task Manager processes too.
Ah ha.
Google SynCore and it turn out to be associated with SoundMax MIDI functions. Somehow even though I'd disabled SoundMax in startup, BIOS, Defender etc. it was STILL being called up.
So, find SynCor.exe in the Windows directory, rename it and put it in a back up folder, restart the computer, start P5 and bingo! it runs, popping up a message at start "cannot locate SoundMax MIDI".
So far Project5 seems to be running fine again.
Why the problem arose, who knows. I suspect the combination of P5, SynCor and a Windows update had somehow combined to cause a memory address problem, but it'll take someone more cluefull with computers than me to be definite.
Anyway, Project5 is back and I'm a happy bunny again.