Same issue on Win8.0 Standard in Acer V5-573 laptop. Your workaround of turning off hard drive notifications in TrayStatus 1.2.3 worked.
HOWEVER, due to the way Win8 displays error messages in the Tray, it completely covers the context menu for TS. I literally had to guess using the up and down arrow keys, and I exited the programme several times before FINALLY opening TrayStatus Settings. Then of course it was easy to turn off HDD status.
I do not know what you can do about this, but I thought I should let you know, Mr Lammers.
One easy workaround -- set default to NOT include HDD activity. My Acer lacks an activity light and I would definitely want to see it, but better to have the caps/num/scroll lock features than nothing at all!
I followed up on your PerfMon suggestion. There does seem to be a deep Windows issue going on here. My PerfMon had a warning popup on first use saying counters for Memory, PhysicalDisk and Network Interface could not be loaded. I used an elevated cmd prompt to send a "lodctr /r" command to rewrite the counter database, but it failed (Windows Event 3006). Other sources on the web suggest the need to change registry keys and reload files from the setup disk. The best explanation is from Microsoft itself, but is written for Windows XP:
http://support.microsoft.com/kb/300956/EN-US
I have no idea if this applies to Win7, nor less Win8. Perhaps you are skilled and patient enough to give it a go and then recommend this procedure?
I did find an HDD software indicator that works. It is called DriveGLEAM.
http://www.dirtcellar.net/software/drivegleam/drivegleam.php
You may want to have a look in for inspiration.
Cheers!