I can confirm that this fix also works for VisioModeler on the Windows 10 Preview. Like on 8, the installer seems to freeze but eventually completes, and the DLL patch then allows the program to open.
On another note, the link to the EXE automated patcher in the original post is broken:
David:Luke Vear ... made an EXE to do the patching for you - you can download it from http://www.acromos.com/vssipt/VisioModelerFix.zip
Does anyone happen to have a copy saved?