Builds without problems and works as soon as the project is compiled for .Net 4.0 and all the needed dll's are references ( looked at the C:\Program Files (x86)\Microsoft SQL Server\100\SDK\Assemblies folder )

Here is a thread on x64 and SMO... http://social.msdn.microsoft.com/Forums/en-US/sqlsmoanddmo/thread/861b57bc-aa21-4b03-bd01-5c164e2bac4e

Here's what you will need to download and install for x64 based systems: http://download.microsoft.com/download/4/4/D/44DBDE61-B385-4FC2-A67D-48053B8F9FAD/SQLServer2005_XMO_x64.msi

For ScriptDB to work on x64 systems do the Following. 

1. Download source
2. Open the project.
3. Convert to .NET 4.0 framework (I'm using Visual Studio 2010)
4. Remove the references to:
   1. Microsoft.SqlServer.ConnectionInfo
   2. Microsoft.SqlServer.Smo
   3. Microsoft.SqlServer.SqlEnum
5. Add these references pointing to the folder C:\Program Files\Microsoft SQL Server\100\SDK\Assemblies\
   1. Microsoft.SqlServer.ConnectionInfo
   2. Microsoft.SqlServer.Smo
   3. Microsoft.SqlServer.SqlEnum
   4. Microsoft.SqlServer.Management.Sdk.Sfc
6. Build and enjoy.