It has been posted several times that the registry is not needed to host a server. The registry is there for players to choose a server from a list. If you want to host your game without the registry, it is very possible using what you already have.
Simply have the server stop attempting to connect to the registry and run ody.exe, go to the credits page and open the private connection page inside there, then type in your IP address.
Most of the problems that arise with Odyssey right now is the fact that VB6 is just not supported on Windows Vista/7. I've fixed the major issues to allow the programs to even work, but there are some things that I just cannot fix which is why it is currently being rewritten in a different language. This takes time which is something most of us on the dev team have very little of. So you can either try to make do with what you have now, or just be patient.