ASPNET_SETREG on Windows Server 2008 64Bit

[Kerry]

have a 32 bit webservice that runs under the context of a domain userid,
this id is encrypted in the registry
"HKLM\SOFTWARE\MYCODE\identity\ASPNET_SETREG" using aspnet_setreg utility and
a reference to this registry key is placed in the web.config which worked
well under 32bit windows server 2003. We have now moved the same web service
to a Windows Server 2008 64 Bit and the aspnet_setreg utility now creates the
credentials under a different Key
HKLM\SOFTWARE\Wow6432\MYCODE\identity\ASPNET_SETREG . I edited the webconfig
to match but this did not work it could not find the key. I then created the
original key manually and copied the BinaryData over using simple copy/paste.
I now get an error:

"Could not create Windows user token from the credentials specified in the
config file. Error from the operating system ‘Logon failure: unknown user
name or bad password"

I know these credentials are good because I was able to set the credentials
of the webservices pool to these same credentials...can anyone shed light on
what the issue could be...maybe simply copy then pasting the binary data from
one key to another in the registry corruptted the data. The webservice has
the "32bit application" property set to false.

Thanks Kerry