I have tested a lot of games on Windows 7 and I have sort of a "routine" I follow. I first install to the default directory; if that doesn't work (always trying compatibility), then I uninstall (running CCleaner on the directory) and reinstall in Documents; if that doesn't work, then I uninstall and reinstall using compatibility mode on the setup file on the disk.
That's where I am now... I got the access violation error on both the installation to the default directory and after installing to Documents. I'm installing right now using XP compatibility on the setup file.
EDIT: None of the usual installation tweaks worked, so I did a Google search and found this post at the UBI forums. I downloaded the unofficial Vista patch, unzipped and installed and the game works now. The patch is in French, but I was able to figure it out. Myst V Patch
The game is installed in the default Program Files (x86) location.
I was unable to find an official Myst V patch.