It tossed the "unhandled exception error" again ... :/ I clicked "Continue" and ran a test game to see if it would still work. It works as intended and outputs perfectly to .png as I selected.
Folders are as follows:
Screen: C:\Users\<name>\Pictures\Frontier Developments\Elite Dangerous
Logs: C:\Program Files (x86)\Steam\SteamApps\common\Elite Dangerous\Products\FORC-FDEV-D-<xxxx>\Logs
Save: C:\Users\<name>\Pictures\Frontier Developments\Elite Dangerous
On-screen log as follows.
► Show Spoiler
8/1/2015 10:02:32 - Logfile created: C:\Program Files (x86)\Steam\SteamApps\common\Elite Dangerous\Products\FORC-FDEV-D-<xxxx>\Logs\netLog.1508011002.01.log
8/1/2015 10:10:00 - Valid Image created: C:\Users\<name>\Pictures\Frontier Developments\Elite Dangerous\Screenshot_0000.bmp : Screenshot_0000.bmp
8/1/2015 10:10:00 - Sourcimage: C:\Users\<name>\Pictures\Frontier Developments\Elite Dangerous\Screenshot_0000.bmp
8/1/2015 10:10:01 - System found: <system>
8/1/2015 10:10:01 - Last Output Image: <system> Aug_01_2015_10_10_01.png
8/1/2015 10:10:01 - Source Image Deleted
Unknown if it will continue to throw the error going forward, but it works despite the error.