Podcast Producer 2 with Compressor 4

I have setup a podcast producer server and have it running successfully. I wanted to add some better compression than the defaults provided to I did some googling and it seemed that Compressor was the way to go. Since you can get Compressor 4 by itself from the App store that's what I did. I was able to set it up and make a custom compression setting that was available to me in a workflow.

So far so good.

However now any podcasts I submit using a workflow that uses Compressor fails. The relevant line in the system log is bellow

pcastaction: Podcast Producer::Actions::Compressor: Compressor is not fully installed on this machine (missing the Batch Monitor tool)

I did some searching on this and found that in Compressor 4 Batch Monitor is now called Share Monitor. I'm wondering is there any way around this? Is Podcast Producer not aware that Compressor 4 uses Share Monitor instead of Batch Monitor?

My server is running 10.7.3 and everything is up to date.