Those security properties are default (and good!), and compatibility settings changes should not matter. I never set those any different than default, and it still works fine. (I've had SH4 on Vista 32bit and Win7 64 bit) All I did was install it into a self-created folder in C:\games\Silent Hunter 4, instead of the default location in Program Files.
You say you have DirectX 10 on your system. But that happens to be missing some parts that DirectX 9.0c has ( which is required). During install it probably checked if 9.0c or later was installed, and with DX 10 it probably skipped it. But I suggest you install this too:
http://www.microsoft.com/en-us/downl....aspx?id=34429
If that does not make it work, then I suspect some bad files from a previous install attempt are still lingering in there (SH4 folder in Documents, or in the install folder). Try to remove any remaining folders after de-installing the game. But I think you mentioned you already did that. But maybe not yet for the single patch to 1.4. And this time, run the installer and patch application deliberately under administrator role: rightclick on the file, and "Run as administrator". Your profile probably is an administrator, but isn't always regarded as so when installing things.
In my faint memory, by default Ubisoft puts a short cut on the desktop (and maybe start menu) to some weird application gu.exe. This is eventually starts SH4.exe, and no doubt does some other weird stuff in the background for god-knows-why. I just remember I ignored it and make use of a shortcut to SH4.exe directly. Try to see if that works, starting SH4.exe directly by double-clicking on it.