Hi
There is absolutely no reason to change running presets to shader version 4. It does not improve quality, it merely allows presets to use 1024 machine instructions insetad of 512 (or 64 with model 1). Which means it allows you to write more code. For presets which actually run with model 3 (and that is 99.999%), shader model 4 has no benefit; what is worse, it will crash on some video cards.
I have no idea why your presets seem to run and then fail, but it is quite probably related to the model 4 bug. Suggest you use some simple batch processing tool to convert your presets back to 3. It's only lines 2,3, and 4 in the .milk files.
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