I don't have pFairings installed in this directory, and there are no other parts I use that have variable textures.
I checked the file extensions in the GameData folder for both pParts and Mainsailor, and they are coming up as .dds, I added another screenshot if you want to see. I am running Windows 8.1 Pro, on DX11, if that makes any difference. I am running .0.5, not the prerelease so I don't think that's an issue.
https://www.dropbox.com/s/1p2acbxnthu8zh1/Capture3.PNG?dl=0
https://www.dropbox.com/s/3m3238542w5bjrv/Capture4.PNG?dl=0
And no worries on your replies. I'm studying engineering now so the only time I get to check the forum is at like 12am!