Well, temporarily turn off the LAA, and if you're using MultiSH4, make sure you've got v2.6 of it. Copy your current Save folder just in case it works later, but delete the original (whether you have MultiSH4 or not). Run MultiSH4 again and make a new folder. Re-enable the LAA, and see if SH4 will start back up. When my install did that last time, all my error box said was "Invalid version of FileManager detected. MultiSH4 will stop - OK", so yours is definitely different, and it sounds like something is written somewhere that's pointing at a bad memory location in the game's allocation for that texture file...
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"...and bollocks to the naysayer/s" - Jimbuna
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