It sounds like you are using an old Polyglot version, which does not support the command-line options (-noini ...) for specifying engine, and thus starts to look for a polyglot.ini file. 1.4w means nothing; almost all Polyglots are called 1.4w. 1.4w29 might even be a different fork; the Polyglots I know where numbered like 1.4w10UCIbnn, later renamed to 1.4.nnb (nn = two digits), and I have seen upto 1.4.70b. I don't know where you obtained the one you are using, but it would be best to use a Polyglot 2.0, as distributed with the binary WinBoard install. This is, as far as I know, the only Polyglot that supports move exclusion in analysis. The polyglot.exe file should be put in the same folder as WinBoard.exe.
I am not sure what you consider especially 'light' on the Alien Edition. I think it is distributed as not much more than a zipped winboard.exe, but other WinBoard versions are also often available in this form (e.g.
http://hgm.nubati.net/WinBoard-4.8.beta.zip ). But using an unconfigured .exe leads to exactly the problems you are experiencing now: you have to collect all support programs yourself, and might get wrong versions, etc.