According to your log, the problem doesn't have anything to do with the GSX update, and it's caused by this file:
C:\Users\billc\AppData\Roaming\Virtuali/GSX\kmsp-wn1fkl.ini
Which is a custom profile that seems to have been made for MSFS, but since you placed it in the FSX folder ( the correct folder for profiles made for MSFS is %APPDATA%\Virtuali\GSX\MSFS ), is trying to create an object that doesn't exists in FSX, the 'ASO_Jetway', so it gives an error.