Over the past several days I have been configuring multiple systems with multiple Peopletools versions and I think my mind snapped somewhere.  This 32/64 bit thing is so frustrating.  Basically 8.54 is almost completely 64 bit, but 8.53 is still a 50/50 chance.  When it comes to Crystal with 8.54 you need to make sure you use the 64 bit run time library where as 8.53 and down use the 32 bit run time.  However if you have the full install of crystal so that you can develop reports, you need to put the CrystalExePath to the the full install win32_x86 32 bit directory.

I found this absolutely helpful case on Support:  1540788.1:

PeopleSoft PeopleTools 8.53+ uses the SAP Crystal Reports runtime engine for .NET Framework 4, (Crystal Reports version for Visual Studio 2010), as the runtime for running SAP Crystal Reports. This must be downloaded from the SAP website. Link

Download the Runtime:  PeopleTools 8.53 – 32bit and PeopleTools 8.54 – 64 bit.

When configuring the process scheduler set the CrystalEXEPath to:

8.53:  CrystalEXEPath = C:\Program Files (x86)\SAP BusinessObjects\Crystal Reports for .NET Framework 4.0\Common\SAP BusinessObjects Enterprise XI 4.0\win32_x86

8.54:  CrystalEXEPath = C:\Program Files (x86)\SAP BusinessObjects\Crystal Reports for .NET Framework 4.0\Common\SAP BusinessObjects Enterprise XI 4.0\win64_x64

If you have Crystal Reports 2008 installed as well as the runtime set the CrystalEXEPath to:

CrystalEXEPath = C:\Program Files (x86)\Business Objects\BusinessObjects Enterprise 12.0\win32_x86

Note:  This are the default install paths and maybe different depending on how you installed them.