I went through quite a few hours trying to install PADS2004sp2 on a "new" Win7 Professional machine, but finally I was able to find and install the correct drivers for the Hasp dongle, and the final piece of the puzzle was to copy the new "mgls.dll" file, dated 1/21/11, into the C:\Program Files (x86)\Mentor Graphics\PADS\2004_2\Programs folder. I also updated mgc.pkginfo to the 2/1/11 version. I ran the Mentor_License_Utility.exe as well as lmtrools.exe and licsetup.exe, and eventually I was able to get the server diagnostics to report success.
I had also installed PADS9.2, although I had a few problems, especially with the original PADS9.0.1 install disc. But when I tried to use the PADS2004sp2 software, the schematic capture program for .sch files kept using the new 9.2 version. So I had to edit the registry to change the file association.
HKEY_USERS\S-1-5-21-1157807750-1034439188-3313225132-1001\Software\Microsoft\Windows\CurrentVersion\Explorer\FileExts\.sch\OpenWithList
I set the value to: "C:\Program Files (x86)\Mentor Graphics\PADS\2004_2\Programs\powerlogic.exe %1"
But the icon for the .sch files remained that for 9.2. So I had to edit another key:
HKEY_CLASSES_ROOT\PowerLogic.Schematic\DefaultIcon
I set that value to: "C:\Program Files (x86)\Mentor Graphics\PADS\2004_2\Programs\powerlogic.exe,0"
I had given up trying to install on my Win8 computer that I am now using, but since I was still fresh from this experience I decided to try it. BINGO! Now I have PADS2004sp2 running on my Win8 laptop. I'll be getting a Win10 machine soon - maybe it will also work on that?