I'm getting a similar problem.
Waiting for FF7.exe to respond (120 seconds)...
Successfully launched FF7!
Stopping other programs for mods started by 7H
And then nothing happens. I played through NT mod 1.5 with 7H 2.0 several months ago and now it doesn't work with the update. Also, I tried reverting to the older version and that doesn't work now either. I reformatted my PC and did fresh install for Steam, FF7, and 7H and still not working.