I've got the exact same setup in 3 of my machines... ML1500 to PIC to panelview 600. I have no problems connecting to any of the machines.
One thing to note, is that in order to get the PIC driver to work I have to stop RSLinx running as a service and restart it as an application. Then add the PIC driver. It will normally tell me that the driver hasn't passed some windowsXP compatability, and asks if I wan't to continue loading it anyways. I tell it yes, and it will work fine. When I'm done, I normaly remove the driver and restart linx as a service (to avoid seeing the stupid message everytime I start linx...)
<oops! just read
jstolaruk's response above mine and it says pretty much the same type of thing... Sorry...>