Update !
I got it work. I guess the release.config is different from v4.0.3 to v4.3.4
Since the upgrade to v4.3.4 didn't copy over a new web.config nothing was changed.
Therefore, the web.config for v4.0.3 was not touched or re-written.
At this point I was getting the error . . . then I *GASP* followed directions and copied over the release.config from the v4.3.4
and updated it with my DB Connection String as well as the Machine Key and Install Key.
I recycled the application pool (ASP.NET V2.0), stopped and restarted IIS.
And . .voila . .it came up.
I pulled up my ExamDiff and compaired the release.config between v4.0.3 and v4.3.4 and there is a big difference.
Anyways, this helped for me.