true launch bar does not open when selected from menu

I have just installed TLB, but it never asked for the key (or I missed where it asked).

The registration key can be entered after installing and running TLB.

When I drill down to the Policies, it does not have a [+] button, but instead a green key. I am on a corporate computer -- so I guess I'm locked out

Yes, this is possible. It is possible to lock the opening new toolbars. And this looks like it is disabled.

Try the standalone TLB...