Go to the folder it's trying to load and put XXX infront of the name. VSTPlugins - XXXVSTPlugins. Reload PP. After PP has loaded successfully, close it and remove the XXX. Reload PP. It should be fine now. However, you may have to leave the XXX when you load PP and remove the XXX for Cubase or whatever you have. Since music programs and PP are resource intensive, you're probably running one at a time anyways.
You may need to do this for each component of PP as it loads for the first time. i.e. Encore.
See that is part of the problem, I don't want to have to keep going in and re-naming my VST folder every time I load one program or the other, because I go back and forth between programs a lot.
That's a lot of wasted time and effort.
As a temporary solution, I just moved all of my VST's to a new folder I made and changed the VST folder path in Reaper (my recording software) to match that of the new location of the VSTs.
However, I don't like this either, because whenever I get new VST's, insead of just going through and clicking install, I have to manually change the install location for the actual VST file to the new folder location.
Either way, I'm trying to avoid having to do all this extra work.
Were you able to try the first method where you load all the Adobe components, one at a time, and then close them, with the VST folders disabled and then re-enable the folders after? This has worked for me; I can switch between PP and Cubase without problems - PP and Encore ignores the VST folders from that point on; I had to do this after my initial installation of the Adobe suite. If that doesn't work, there is another thread up on the same issue that may be of more help to you.