When attempting to open studio 10 I receive the following error message:

  The procedure entry point ??1CProgressInfo@@UAE@XZ could not be located in the dynamic link library vfobju.dll.

First question:  Have you yet tried a reinstall of Studio?

I just installed it and updated to version 10.8. Should I try reinstalling and then running without updating?

Sure, you can still run a run 10.8 update after reinstalling it back to 10.x (earlier version).