I haven't tried this but it should work.
Copy contents of:
to your corresponding Premiere 5.5 folder.
Worked perfectly for Premiere. Thank you very much for the tip. Now... is there any way to do the same thing for After Effects. There doesn't seem to be the option when we follow the PPro fix.
One would think that being part of the same Production Suite, the process would be identical. As it turns out, it is similar but the xml files are instead found in the Users/Userxxx/Library/Preferences/Adobe/After Effects /10.0/ModifiedWorspaces and OriginalUserWorkspaces. Copy the contents of these to the corresponding 10.5 folders.