So it appears that running macros from the command line is simply not working in v4.92 and v4.93. I just built a new win10 x64 system and figured I'd install the latest version of TTP from this site, 4.93.
I have a bunch of windows shortcuts that all use something along these lines:
"C:\Program Files (x86)\teraterm\ttermpro.exe" /T=1 /M="C:\Users\<username>\Documents\TeraTerm Macros\gwy-login.ttl" /W="Gwy - Telnet" <ipAddr>:23
None of these work with 4.93. The macro never runs. Sometimes some spurious carriage feeds are sent. The macro windows never pops open. I also tried putting the .ttl file directly in the teraterm program folder and using just /M="gwy-login.ttl", but no difference.
Thought I was going crazy. I tried with 4.92 as well, also broken.
Since I knew it worked in 4.91 (I have it running on another system), I tried 4.91 on this PC and it works perfectly. Might want to look into it...