I've released version 1.01 today. The main bug fix is catching errors when trying to run the VTF exporter and the materials contain non-TGA bitmaps.
I also added a button next to the scale spinner called "Sky" that sets the scale to 1/16; However, people using L4D may find that the models are still too big as I have read in the docs that L4D uses 1/32.
Full changelog: http://wallworm.com/projects/utilities/docs/resources/changelog.html
Note this does not include updates to the Origin Offset that I've been hoping to fix/finish. The bright ideas I had over the weekend to fix it weren't actually that bright... and I haven't figured it out yet.