OK I've installed SFC 1, FMSE & Ship Edit into my Windows 10 PC (even though I use old Vista & Windows ME PC's to actually play the game normally).
To install you have to target the installation somewhere into your SFC folder (I created a folder called Tools inside the Assets folder).
On first starting Ship Edit you have to click on the folder icon (Load File) and direct it to the SFC/Assets/Specs/SFBSFC13.TXT (the Shiplist file) and open it. The UI's will function on loading and you can then click on the appropriate race icon and scroll up and down though the ship list for that race.
IMPORTANT!!
If you're adding in a new ship or variant YOU MUST FIRST open the Shiplist / SFBSFC13.TXT in MS Notepad, copy an existing ship list line (it doesn't matter which one), paste a duplicate into the Shiplist/SFBSFC13.TXT and then change the designation to whatever you want.
For example I added in a Hydran Lancer Scout into my SFC 1 game, a few days ago, from an SFB SSD. I made a copy of the game's H-LN, and made a duplicate on the line below it. I then changed the designation to H-LNS, saved and exited. I then fired up Ship Edit, loaded the Shiplist file, clicked the Hydran icon, scrolled down to the new H-LNS line and clicked on it. I then started the process of translating the SFB H-LNS SSD into the Ship Edit H-LNS. When I finished I saved and my SFC 1 game now includes the H-LNS Lancer Scout.
I then had to transfer it to all the SFC 1 PC's on the LAN network here at home using the master Shiplist memory stick.