I'm using v1.99.12.18980 x86 too, currently for troubleshoot purposes i've renamed the WACUP folder that is created in "C:\Users\***\AppData\Roaming" su when open wacup again a new WACUP folder is created there with all default settings, so no custom skin path, just the default one with the skins that comes with wacup; respect to the file/folder name, the next letters that work (behavior is a little different depending on if is a folder or a file) are, for 2nd letter a,b,c,d,e,f,g,h (i, j, k, etc appear to not trigger the problem) ;for 3rd one i'm not really sure (maybe 3rd, 4th,.. letters are not really relevant), but for example:
If i put a file "bet.txt" then can't load big bento, if rename the file to "bat.txt" then big bento works and now bento doesn't load.
If i put 2 files at the same time, "bat" and "bet", then can't load bento neither big bento
Respect to the .ini file i mean the "winamp.ini" on "C:\Users\***\AppData\Roaming\WACUP", the line "skin=" points to the applied skin, if bento is selected then the ini shows "Skin=Bento", if i trigger the problem with file "bat.txt" then wacup writes the value of skin as trigger file/folder name, in this case bat.txt so in ini it looks as "skin=bat.txt"; as far as i've observed studio.xnf data is irrelevant for this bug
i attach my ini file; just in case, i'm on win11 23H2 build 22631.327 with latest .NET Framework 3.5 y 4.8.1 para Windows 11, version 23H2 para x64 (KB5036620)