I would have to say the documentation is a little lacking for the CRM Online portion so I will go ahead and update instructions with what I have found to work:
1. You will need to either add the Dll files found in DRIVE\OrbitOneCRMUpdater\assemblies\live to the GAC (located at : %windir%\assembly) or have the CRM Online Outlook client installed.
2. Copy the msidcrl40.dll to the %windir%\system32 folder.
3. Enter the following details for login:
Password: WLID Password
Authentication Type: Passport
Instance: ORGANIZATION UNIQUE NAME. You will find this by logging into CRM and going to Settings > Customizations > Download Web Service Description Files.
After doing this, it does work properly.