What version of Project 64 are you using? If you are using version 1.7.0.25 or later, the command line needs to be:
"%path%\%rom%.%ext%"
Earlier versions of PJ64 cannot have the quotes as I recall which creates major problems for roms that have spaces in the rom name. If this isn't your issue, consider posting screenshots of your first two screens of Mala's PJ64 configuration.
I also run VP successfully. If you post your configuration for this, I may can help. I do not use UncleT's guide so my way may be a little different.