I think because of your first attempt to run the .dll directly, the entry "Windows Photo Viewer" still points to the .dll instead of rundll32, which of course you can't run directly.
Try adding the following to the registry:
Windows Registry Editor Version 5.00 [HKEY_CLASSES_ROOT\Applications\photoviewer.dll] [HKEY_CLASSES_ROOT\Applications\photoviewer.dll\shell] [HKEY_CLASSES_ROOT\Applications\photoviewer.dll\shell\open] "MuiVerb"="@photoviewer.dll,-3043" [HKEY_CLASSES_ROOT\Applications\photoviewer.dll\shell\open\command] @=hex(2):25,00,53,00,79,00,73,00,74,00,65,00,6d,00,52,00,6f,00,6f,00,74,00,25,\ 00,5c,00,53,00,79,00,73,00,74,00,65,00,6d,00,33,00,32,00,5c,00,72,00,75,00,\ 6e,00,64,00,6c,00,6c,00,33,00,32,00,2e,00,65,00,78,00,65,00,20,00,22,00,25,\ 00,50,00,72,00,6f,00,67,00,72,00,61,00,6d,00,46,00,69,00,6c,00,65,00,73,00,\ 25,00,5c,00,57,00,69,00,6e,00,64,00,6f,00,77,00,73,00,20,00,50,00,68,00,6f,\ 00,74,00,6f,00,20,00,56,00,69,00,65,00,77,00,65,00,72,00,5c,00,50,00,68,00,\ 6f,00,74,00,6f,00,56,00,69,00,65,00,77,00,65,00,72,00,2e,00,64,00,6c,00,6c,\ 00,22,00,2c,00,20,00,49,00,6d,00,61,00,67,00,65,00,56,00,69,00,65,00,77,00,\ 5f,00,46,00,75,00,6c,00,6c,00,73,00,63,00,72,00,65,00,65,00,6e,00,20,00,25,\ 00,31,00,00,00 [HKEY_CLASSES_ROOT\Applications\photoviewer.dll\shell\open\DropTarget] "Clsid"="" [HKEY_CLASSES_ROOT\Applications\photoviewer.dll\shell\print] [HKEY_CLASSES_ROOT\Applications\photoviewer.dll\shell\print\command] @=hex(2):25,00,53,00,79,00,73,00,74,00,65,00,6d,00,52,00,6f,00,6f,00,74,00,25,\ 00,5c,00,53,00,79,00,73,00,74,00,65,00,6d,00,33,00,32,00,5c,00,72,00,75,00,\ 6e,00,64,00,6c,00,6c,00,33,00,32,00,2e,00,65,00,78,00,65,00,20,00,22,00,25,\ 00,50,00,72,00,6f,00,67,00,72,00,61,00,6d,00,46,00,69,00,6c,00,65,00,73,00,\ 25,00,5c,00,57,00,69,00,6e,00,64,00,6f,00,77,00,73,00,20,00,50,00,68,00,6f,\ 00,74,00,6f,00,20,00,56,00,69,00,65,00,77,00,65,00,72,00,5c,00,50,00,68,00,\ 6f,00,74,00,6f,00,56,00,69,00,65,00,77,00,65,00,72,00,2e,00,64,00,6c,00,6c,\ 00,22,00,2c,00,20,00,49,00,6d,00,61,00,67,00,65,00,56,00,69,00,65,00,77,00,\ 5f,00,46,00,75,00,6c,00,6c,00,73,00,63,00,72,00,65,00,65,00,6e,00,20,00,25,\ 00,31,00,00,00 [HKEY_CLASSES_ROOT\Applications\photoviewer.dll\shell\print\DropTarget] "Clsid"=""
(Source)
If that doesn't work, try searching the registry for Windows Photo Viewer and photoviewer.dll to see if there are any references to photoviewer.dll being called directly (without rundll32).