Shuls I have the exact same issue running the NTSC version of Xenoblade under Dolphin 3.5 on Mac OS X. If someone could identify the exact files those reference I would be willing to attempt a fix we can use.
As for version 4.0 - still not able to load any of the custom textures properly... (see previous post about 2 above this)
As for version 4.0 - still not able to load any of the custom textures properly... (see previous post about 2 above this)