Ok, so I did some more testing, both on 4.27.2 and 5, on the same machine and found a solution, but first what I observed:
The current documentation is incomplete or incorrect. It currently states to use the new Livelink Vcam app (that has the pinkish red screen), but has the older instruction set for the Unreal Remote 2 app. In 4.27.2, it does connect, but doesn’t give you the controls that are provided by the GameVice device (although it says in the documentation that it will)
When testing in UE5, I can’t get it to show up in Livelink at all.
So I installed UE Remote 2, and lo and behold, everything works, both in 4.27.2 and UE5, although the right thumbstick, when used, has this annoying ticking sound coming from the screen (need to find out what that is).
Epic, please update your documentation