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the error was not occuring when trying to select project. Browsing worked perfectly, i was able to browse and choose my SLN file. the error occurred upon clicking "next".
All that aside, installing .NET 4.5 seems to have resolved the issue. 4.5 is not a requirement for vault or for BuildMaster, but seems to have changed something. I found an unrelated artical on google saying that they were getting a MaxArrayLength error, and that the error went away after installing .NET 4.5, so i figured it was worth a shot, and sure enough issue resolved!