I uninstalled Macrium and everything that was listed to uninstall (see screenshot). Rebooted the PC and then did a fresh install. I created the WinPE 5.0 rescue media, which included downloading the WinPE 5.0, and then created the rescue media.
I previously noted, that the backup system had 5.2.6526 version and I made the WinPE 5.0 rescue media with NO errors. I then did the upgrade to 5.3.7086, rebooted the PC and then tried the WinPE 5.0 rescue media and got the exact same errors as I got with my other PC.
I could agree on a problem with one system, but two separate systems, with different hardware, did the EXACT same thing with this new version. The only common thing is both have Win 8.1.1 Pro 64 bit with all updates. However, the dual boot system also has the same identical problem in Windows 7 64 bit. The Dual Boot system has SSD's, the backup system has conventional hard drives, and that eliminates a drive issue since it did it with both SSD's and conventional hard drives.
As previously noted (a couple of times), I have successfully created new WinPE 5.0 rescue media on the dual boot system with Win 7 and Win 8.1.1 and the backup system with Win 8.1.1.
Just for the record my primary system is listed in my system specs, which is a Gigabyte GAZ77X UD5H motherboard, i7 3770 CPU and 16 GB Ram. The second system has an ASUS Z77 motherboard, i5 3550 CPU and 8 GB RAM.