This is an interesting question which can have quite a few problems involved. For one, Windows 8 usually requires a certain level of security for any networked devices which may or may not be included in PMS. I would look at those settings you mentioned and what they pertain to. You can always set them back afterward. Pay particular attention to the formats which they transcode to. Ensure that they're formats which WMP can handle. Before any of that, though, you may need to enable the device in WMP settings or in the shared media settings of Windows 8.
Edit: Actually, I just looked at the WMP.conf file myself. -_- It's all sorts of messed-up. It's set to transcode WMP's native format! That's right, someone told it to transcode WMV, WMA, and basically anything it was designed to play into MPEGs and MP3s. F.F.S. people!