Scott,
It sounds like you are having an issue where a BE Hotfix has corrupted your DLO setup.ini file in the DLOAgent Share.
Open up your setup.ini file and verify it's contents.
Refer to this TechNote to rebuild your setup.ini file.
http://support.veritas.com/docs/286209
Note: If DLO was an upgrade from 10x then your DB Instance should be BACKUPEXECDLO, if not an upgrade it will be BACKUPEXEC.
If you find this is your problem, uninstall the agent and then re-run setup.exe.
Hope that helps.