That's a shame you weren't able to get it to work. Mine worked fine after applying the IONetworking kext replacement (after xattr -d etc. because I downloaded using Safari).
Have you tried in TM options: change disk - NONE and then change disk - YOUR DISK?
Also, is your drive HFS+ formatted? I assume it must be otherwise you wouldn't see it as an option in the first place. Still - worth checking. Also check that the drive is GUID partitioned not MBR. I believe that causes problems in TM.
One final check: is your disk drive name anything fancy with special characters? There have been reports of problems if the name uses special characters. Perhaps worthwhile is to use diskutil to erase the drive, create a simple name like BACKUP and ensure HFS+ (Mac OS Extended - Journaled)
Check in diskutil that the drive has "owners enabled" at the bottom left of the information screen (I suspect TM will need this set, though I'm not sure).
Also, as a last resort, try creating a blank file called ".com.apple.timemachine.supported" in the root of the drive if it isn't already there.
Other than that, I'm out of ideas. It does sound like a problem with the IONetworking kext though. It might be worthwhile going through the whole process step by step again as sometimes a step has been missed and isn't noticed.