On whatever R2 platform (FOUND, STD, ENT, DATA or WEB) I test, I am not able to get that error.... ?!?
It seems install is not complete if you had to create folder for logs.
Uninstall it please fully, remove even folder if still there, get this version and install it and don't run it please :
Then copy files to appropriate folder from this pack do not update it yet :
Then get UpdateUtilPatch.zip from 1st post and copy files to C:\Program Files (x86)\R2 Workstation Converter.
Run update, run R2Conv3 and see what happens.
As I said I am not able to reproduce your error and no one has reported such bug yet.
Also should the error appear again, do not use my screenshots but yours with errors please. It's like sending to the doctor your dog when you are ill......
Keep us informed please.