The message you are getting is because FactorLib is not allowed to send (for example) TF presets to something that is not a TF. Makes sense.
Your problem is that for some reason, FactorLib thinks that your TF is not a TF. Why is this ? A few questions:
1) When your TF is connected and powered up, does FactorLib title bar show "Factor Pedal Librarian (TF)" , along with "MIDI" at the bottom right ?
2) Does the MIDI Config screen show "TimeFactor Pedal" ?
3) Have you ever upgraded your pedal ? If not, download the Eventide Update Utility from the TF Support page and start it up to see if it recognizes your unit as a TF.
Note that "Send Selected" just sends the selected preset to the TF so you can hear it – it does not save it.