At this time there is no complete resolution to the issues you describe. However, there are some workarounds.
Only European users need the TeleText mode button. If you remove the installed software and install the latest versions of the ATI Display Driver (4.03.2139), DirectX (3b), and ATI Player (3.11), the TeleText mode button will be gone. However, the message "AMC Peripheral not found. AMC Peripheral or cabling may be improperly installed" will be displayed.
You can dismiss the MPEG hardware error message by clicking on the button to proceed. At this point, however, the system has no ability to perform hardware MPEG decoding (but it does have software MPEG decoding available).