I am, however, able to get it to work using another app/method.
I downloaded '
Quick Settings' from the Market.
After installing the app, I opened it, pressed Menu>Customize and scrolled down until I found 'Wi-Fi Hotspot'. Dragged that up towards the top of the list (as long as its visible) and exited out of the app. From there I just attempted to turn on the Wi-Fi Hotspot through the normal Menu>Settings>Wireless & Networks>Portable Hotspot>Check 'On'.
Works perfectly. Sad thing, it's actually just as fast as the low-end DSL I'm on right now.