I did follow the proper procedure from my understanding of the link you gave. The bug is "simple" in the way it presents itself. Thus my simple explanation. (please don't read these statements as me being flipped or anything. I mean no disrespect at all.)
No matter what character I select through the side mod menu, after I select the first character and then select another one, they stop loading all together.
So basically what I do is as follows
1) Boot up the loader through flashplayer_11_sa.exe
2) Start the game
3) Open the side menu where it has all my characters from the mods folder
4) Pick a character which loads perfectly.
5) Without doing anything else, I pick another character which doesn't load at all. The loader/SDT doesn't even say "Mod loading failed" or "loading finished." It gives no feedback what so ever.
I've tried hitting reset, and everything else. The only way to pick another character from my mod folder is to completely restart the loader.
This bug effects every single character in my mod folder. It started as soon as I updated from 5.21b to 5.21C.
EDIT: So it's like the loading procedure after the first successful character load breaks. All my characters work when I first load them. It's after I try and load a second character where the problem occurs. And it doesn't matter what I did to the previous character either.