Hello,
I have the same problem, "run as administrator" does not help:
Installed on W7 RTM 64bit host, vSphere client 4.0.0-162856 works only with the ESX 4.0.0-171294 server.
For ESX 3.5 server, ESX 3.5i server, and vmware server 2.01, it tries to download the older vi client.
I use your viclient_fix.zip, vSphere client 4.0 was installed as administrator.
Oliver