Okay, seem to have solved the problem in a most bizarre way. I have an older original Faderport as well that was exhibiting the same issue as the FP2. I downloaded Faderport XT to test, and that worked right away.
After using Faderport XT, everything else now works! The MIDI inputs on both FP1 and FP2 work fine, and the stock plugin for FP2 works as well. Truly strange. Just glad I don't have to buy a UF8 now.
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