Hi Karl
WE were having problems in launching QTP in integrated mode as well, SAP provided us below advice which resollved oput issue.
could you please add the authorization authorization object S_RFC for
the function group AGS_QTP_LICENSE_CHECK
to role: SAP_ECET which is assigned to user: ECATT_ET_USR
as mentioned in note: # 1745282 - License check for HP QTP
Hope it helps.
Regards
Sidra Hasan