Sounds like a possible permissions error for the user you are running the console app under.  Anything special about that user's permissions?

You might look at: http://support.microsoft.com/kb/329291

 

Some good links if you encounter "Requested Registry Access is not allowed"...

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1. Bruce Johnson's SOA(P) Box : Upating Performance Counters from ASP.NET

   Security.SecurityException: Requested registry access is not allowed. bruce February 14, 2005 7:50 PM. I still have problems creating performance counters ...
   www.objectsharp.com/Blogs/bruce/archive/2003/.../222.aspx - Canada - Cached -

2. System.Security.SecurityException: Requested registry access is ...

   SecurityException: Requested registry access is not allowed ... You'll have to recompile the Enterprise Library without the performance counters and WMI, ...
   forums.asp.net/p/930381/1089440.aspx - Cached - Similar -

3. "Requested registry access is not allowed." and performance counte ...

   The problem is, I get the "Requested registry access is not allowed." SecurityException when I try and create the performance counter category via ...
   bytes.com › topic › .net › answers - Cached - Similar -

4. RE: "Requested registry access is not allowed." and performance co

   Jun 23, 2006 ... RE: "Requested registry access is not allowed." and performance co ... Performance-counter--related sub-keys in ...
   www.tech-archive.net › ... › 2006-06 - Cached - Similar -

5. Don't Forget to run the Install Services - Scott on Writing

   SecurityException: Requested registry access is not allowed. Failed to create instances of performance counter '# of Connection Failures/Sec' - The ...
   scottonwriting.net/sowblog/posts/3406.aspx - Cached - Similar -

6. Performance Counter Error

   1 post - 1 author - Last post: Nov 15, 2007 InvalidOperationException: The requested Performance Counter is not a ... error messages stating : Requested registry access is not allowed. ...
   social.msdn.microsoft.com/.../c7df9dc5-ae96-479d-9c61-16ad97be6715 - Cached - Work item editor state can not be found with WIWA‎ - Jun 3, 2009
   Requested registry access is not allowed error message‎ - Sep 10, 2008
   

   More results from social.msdn.microsoft.com »

7. RE: [U2] UO.NET registry exception in method dealing with performance

   NET registry exception in method dealing with performance counters. Glenn Batson ... SecurityException: Requested registry access is not allowed. ...
   www.mail-archive.com/[email protected]/msg13768.html - Cached - Similar -

8. enterpriselibraryfaq | Channel 9

   SecurityException: Requested registry access is not allowed ... Failed to create instances of performance counter '# of Commands Executed/Sec' - The ...
   channel9.msdn.com/wiki/wiki/EnterpriseLibraryFAQ/ - Cached - Similar -

9. Errors when Deploying a .NET Application using Enterprise Library ...

   Jun 16, 2009 ... SecurityException: Requested registry access is not allowed ... Error: Enterprise Library performance counter must be initialized as ...
   www.raregrooverider.com/.../Errors-when-Deploying-a-DOT-NET-Application-using-Enterprise-Library-and-an-Unrelated-Orac... - Cached - Similar -

10. aspnet security equested registry access is not allowed (using ...

    SecurityException: Requested registry access is not allowed. ... event: Failed to create instances of performance counter 'Total Command Executions' - The ... This set up installs the event logs, perf counters and WMI info in advance. ...
    www.eggheadcafe.com/forumarchives/.../post23110993.asp - Cached - Similar -

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