Ok, I have figured out a way to get it to run properly. Close Merge. In Windows, Turn off Cleartype, by clicking "Start" and typing "Cleartype" in the search box. Then, run your Merge lobby. Now you can go turn cleartype back on. Now TST should work properly as long as you leave the lobby open.
I'm gonna be working more on it tomorrow, especially the bug where it might still try to choose the old font when on Aero. But regarding this cleartype issue (where it will only read 5 players if you start merge with cleartype on), it is extremely difficult to read cleartype fonts, and it's very adjustable, so even if it worked for one person it might not work for others. From what I have heard the lack of a playerlist and only showing 5 players in the list is Merge's #1 complaint and they are already working on fixing it to have a standard playerlist in the lobby. So I don't know if it's worth the huge time investment it would take to do it, I think people who want to play on merge might just have to get used to turning off/on cleartype before a session for a week or two or whenever they get their next update out