Apologies, but there is a small change to the above instructions as I was using an older version of UnrealVS.
In the released version you should not need to do step 3 (enter the full path… etc.) because as long as UnrealVS is running it will auto-add your uproject to the command line.
(One exception to mention is that if your game project doesn’t end with ‘Game’, or your solution doesn’t begin with ‘UE4’ or your build config doesn’t end with ‘Editor’ then UnrealVS wont auto-add the command line and the above instructions still apply).