Do I have a faulty BVision or is it likely to be a CGFX setup issue?
Most likely a CyberGraphX setup issue. I have tried the same as you many times before, and it is a pain to get it up and running. Using the update on the CD or the one from Aminet doesn't give much; it seems like the BVision installation procedure have bugs.
Try downloading the newest file from
here and update again. The last time I installed a BVision I used the update just before this one IIRC, and it was just a matter of installing first the CyberGraphX v4 from CD (without the update) and then install the update afterwards. All things should have been installed then, and the problems you mentioned will most likely have disappeared.