You still need PowerDVD or another BluRay program (WinDVD/Arcsoft TMT) to play back your full BR-disks.
I did not have to do the export/import in registry part. All I did was to regsvr32 cl264dec.ax and clvsd.ax and it seems to work.
You can use SAF and cyberlinks directshow codecs together.
Just install PowerDVD on any PC and copy videofilter folder (For PowerDVD9 it's under C:\Program Files\CyberLink\PowerDVD9\VideoFilter) and its content to any place on MP PC (ie. c:\Videofilter).
Call regedit and export HKEY_LOCAL_MACHINE\SOFTWARE\CyberLink from PowerDVD PC registry and import it on MP PC.
Finally call cmd and go to folder c:\Videofilter on MP PC (cd c:\Videofilter) and register both codecs:
regsvr32 cl264dec.ax
regsvr32 CLVsd.ax
Now you can select both codecs inside MP Configuration.
It works for me with PowerDVD8 and 9 and I can use SAF too (even reinstall without complaining).
I did not have to do the export/import in registry part. All I did was to regsvr32 cl264dec.ax and clvsd.ax and it seems to work.