The macros _WIN32, _WIN64 and _M_X64 are defined by the compiler. The VS 2008 IDE doesn't know about (some) of the macros and can display wrong information. In my case a section #ifdef _WIN64 was grayed out although the platform was x64. I've added the macros to pyproject.vsprops and x64.vsprops.
I've also added a paragraph about the property files to the readme and fixed the order of pyupdate > pyinstrument.
diff --git a/PCbuild9/w9xpopen.vcproj b/PCbuild9/w9xpopen.vcproj
index 2397366..9fcff7b 100644
--- a/PCbuild9/w9xpopen.vcproj
+++ b/PCbuild9/w9xpopen.vcproj
@@ -285,7 +285,7 @@
 		<Configuration
 			Name="PGInstrument|Win32"
 			ConfigurationType="1"
-			InheritedPropertySheets=".\pyproject.vsprops;.\pginstrument.vsprops;.\release.vsprops"
+			InheritedPropertySheets=".\pyproject.vsprops;.\release.vsprops;.\pginstrument.vsprops"
 			UseOfMFC="0"
 			ATLMinimizesCRunTimeLibraryUsage="false"
 			CharacterSet="2"
@@ -353,7 +353,7 @@
 		<Configuration
 			Name="PGInstrument|x64"
 			ConfigurationType="1"
-			InheritedPropertySheets=".\pyproject.vsprops;.\x64.vsprops;.\pginstrument.vsprops;.\release.vsprops"
+			InheritedPropertySheets=".\pyproject.vsprops;.\x64.vsprops;.\release.vsprops;.\pginstrument.vsprops"
 			UseOfMFC="0"
 			ATLMinimizesCRunTimeLibraryUsage="false"
 			CharacterSet="2"
@@ -423,7 +423,7 @@
 		<Configuration
 			Name="PGUpdate|Win32"
 			ConfigurationType="1"
-			InheritedPropertySheets=".\pyproject.vsprops;.\pgupdate.vsprops;.\release.vsprops"
+			InheritedPropertySheets=".\pyproject.vsprops;.\release.vsprops;.\pgupdate.vsprops"
 			UseOfMFC="0"
 			ATLMinimizesCRunTimeLibraryUsage="false"
 			CharacterSet="2"
@@ -491,7 +491,7 @@
 		<Configuration
 			Name="PGUpdate|x64"
 			ConfigurationType="1"
-			InheritedPropertySheets=".\pyproject.vsprops;.\x64.vsprops;.\pgupdate.vsprops;.\release.vsprops"
+			InheritedPropertySheets=".\pyproject.vsprops;.\x64.vsprops;.\release.vsprops;.\pgupdate.vsprops"
 			UseOfMFC="0"
 			ATLMinimizesCRunTimeLibraryUsage="false"
 			CharacterSet="2"