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You can use old profiles, you don't need the meshes. You can put the profiles anywhere, just make sure you load it in HB itself.
Also, make sure that you have the folder where you extracted the downloaded maps correctly set on the Profiles and Meshes tab (see the HB2 thread for more instructions).
As of todays release, what you should be doing is:
1. Download honorbuddy 2.0
2. Download the 300mb pack of meshes and unzip them into a folder,
3. put the folder with the Meshes into the main part of your HB2 folder.
3a. this is to say that if your HB2 folder (the root that contains the hb2 exe) is called hb2, and the folder with the meshes is called meshes and the hb2 folder is stored on desktop.... then the correct path for HB2 to access the meshes would be desktop/HB2/meshes, this is also the path you should select for the *mesh folder* box on the HB2 interface.