Unable to launch project from Visual Studio using installed engine build

When a code project's engine association is switched to a local binary version of a source engine, the project will fail to open from within Visual Studio. Error message says that UE4Editor-ProjectName.dll is missing or built with a different engine version, and compiling the project in VS completes successfully but does not fix the issue.

Command Line argument (ran from Engine/Build/BatchFiles folder location):
runuat.bat BuildGraph -target="Make Installed Build Win64" -script="<path to Engine/Build folder>/InstalledEngineBuild.xml" -set:HostPlatformOnly=true -set:WithDDC=false

Using the source version of the engine, or 4.15 binary from the launcher, allows the project to open from VS as expected

Regression:
No- switching a project to 4.14.3 local binary shows same behavior

1. Download/build 4.15 source
2. Navigate to Engine/Build/BatchFiles folder and run command line argument (see description) to generate local binary version (this step takes about 25-30min)
3. Create 4.14 code project (source or binary)
4. Right click .uproject file and switch engine version to local 4.15 binary
5. Open project's .sln file
6. Debug->Start Without Debugging

Result:
Project fails to open with missing project module dll

Expected:
Project compiles and opens in the editor