There are a few solutions to this problem. If the application is not working even after you've used the compatibility tweak, then the last resort is virtualizing another copy of Windows, in this case Windows XP.
Download VirtualBOX and install it, then follow the online guide to create a virtual machine where Windows XP will be installed.
Once the virtual machine is up and running, go to VirtualBox > Tools > install VirtualBox Add-ons to have graphic acceleration, IDE tweaks, mouse acceleration, etc and then drag and drop Cameramate and install it and that's it. It may look like a complicated process but it's pretty easy actually.
- Windows XP installation disc.