I have been using my PM5 HSAP dongle with i1P for quite a while already.
So your PM5 dongle works (or worked) with an older version of i1Profiler? I infer you purchased a license to i1Publish, and x-rite has an upgrade that involves using the PM5 dongle to activate/license?
My n.i.b. iSis + PM5 arrived just before i1P 1.4.2 was released. I've been having trouble with PM5 (much self-inflicted ... some village is missing its idiot) and tried out i1P 1.3.2 Demo and then 1.4.2 Demo. The i1P demo software could control the iSis for scans, but not actually generate a printer-profile. That was as expected.
I may try installing i1P 1.3.1, then plug in my purple PM5-PhotoStudio dongle, and see what happens. My speculation is that it won't work, nor should it.
IIRC, part of the PM5 installation included HASP. Later, there was a Windows Update that involved HASP (or HSAP?).