Have you gone the the Contour Control Panel and set it up for use in Vegas 5? There are some Contour Shuttle Pro preferences in the Vegas 5.0 folder. Or maybe export your 4.0 settings and then import them in the 5.0 settings.
I don't know if your ShuttlePro control panel works like mine. Mine opens up with all the controlls off the right side of the screen. I sat there staring at it for a few seconds before I realized I had to grab it and drag it over.
- went into control panel, opened the shuttle control
- selected Sony Vegas 4
- under options, selected "create new from current settings"
- pointed to the vegas5 exe
There are custom pref files for Vegas, DVDA and VidCap in the appropriate program directories. Just copy them into the appropriate settings directory for your shuttle controller and you shouldn't have to do anything else.
I'm sure these pref files will be included in the next driver update from Contour, as well.