Don't know if you've already tried below

Believe with pp2012 the configured runtime paths can be found in the LibraryPrefs.xml in the user profile area, don't know if this is the same in pp2014 but this info could be used to double check the pp2014 seach path to make sure there are no duplicate V4 installs (or V4 pz2 files) that could be confusing the search of the runtimes.

Might also be worth looking at the CONTENT_INSTALL_RUNTIME variable in poser.ini for pp2014 and making sure it also doesn't have an unexpected v4 install.

The other thought is how DzCreateExPFiles.exe is locating the runtime. It could just be taking the location from where itself is installed, or it could be using the Daz install path variable "dzContentLastDir" setting from the dzInstall.ini in the DAZ3D user profile directory. If its doing the latter and the path is wrong it may explain why its not working but you say the files are being created so this seems unlikely.