Here's a screenshot of me trying to edit the sacred2 exe. No shortcut tab, no option to mess with shortcut target field. I can make a shortcut out of it and then do those things, but I assume that's not the ticket. Is this because it's a Steam install? In Compatibility tab I do have both files set to run as admin, although that line is grayed-out.
EDIT: Ah, wait, progress. I checked and unchecked the run as admin options in compatibility tab and was able to run CM-enable. I did get an error that one dll could not be deleted but I'll go ahead with the steps above and see if I can get success now.
EDIT 2: Still no luck, still same error message as OP. Never did find solution to shortcut target field problem in ss.