The same thing happens to me, although I'm on Windows XP.
My workaround has always been to import a Paper Preset (.oms file) in the Color Center tab (even though that preset has already been successfully loaded on the Z). This action has always had the effect of restoring full functionality (albeit, briefly) to the Create New Paper Preset and Paper Preset Management tabs in the HP Utility.
The workaround is time-dated, however; in a few days you will have to reload another Paper Preset to restore full Color Center functionality. So, as soon as it is up and working, I always export my Paper Presets and ICC presets (just so I can re-import them later).
BTW, I've reformatted my hard-drive at least 5 times and have never been able to utilize the HP Utility without this workaround.