It fixed the problem on both of my machines - but they already have the Visual C++ runtimes installed for all recent versions. It looks like the DLLs need a mix of runtimes. DevIL.dll appears to require two versions of the 2005 runtime, and the ftgl_d.dll (in your zip file) needed the 2008 runtime. It also looks like you're distributing some of the 2010 runtime files, but this isn't listed as a dependancy in the application's manifest.
I'd be inclined to build everything in the same version of Visual Studio where you can. I don't know if everything has a static library available - but ftgl certainly does. Build the solution in release mode and you should end up with a "ftgl_static.lib" in the msvc\build directory. Specify this as an additional dependency in your Fishing Time project settings (under linker) and you shouldn't need that DLL. The same principle may also work for the other libraries you're using.