I just started to see this error a couple days ago with PPro CS5.5 when trying to render out a time line for DVD prep. The error would stop the rendering with an unknown error, but the Timeline error list was a slew of 20 or so of this "Couldn't Load kPFColorParam Suite" error.
Fortunately, I could open the .m2v file in of all things Windows Media Player (This is in Win7, 64-bit), and look to see at what point & clip the error occured. I've Black Magic Design capture hardware, but in every case the problem was with a non captured clip that I've been forced to use, usually a Quicktime of some variety, most often an mp4 or mov.
I could convert the troublesome clip to an MPeg4 flavor of AVI, perform a Replace Footage and be good to go, at least until I encountered yet another problem clip.
