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I just ran into this same problem when installing my PT7. Thought I'd put the answer here for anyone else who might run into it in the future. Filevault being on is the cause of this. I created a new account that doesn't use Filevault and that got me past this issue.
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Same problem here. I created a new account because I needed alot of disk space to disable FileVault and I didn't have enough available. I created another administrator account and logged on, launched PT7, entered the sn# code and finally got it launched!!! BUT when I tried to create a new session, I get this message- "You do not have appropriate access privileges (-5000) while creating "IO Settings". I tried using the default IO settings but when I tried to export it, a simillar message appears, mainly that I do not have appropriate access privileges... I did the "Get Info" and made sure the ownership and privileges were "read and write"... repaired permissions, trashed prefs, blah, blah, blah..... I've been trying to get this going for hours now. Any words of wisdom, please?