Things you can try:
- figure out if it is a specific MLV file that is causing the problem (try mounting various combinations of the MLV files you have, a binary search would narrow it down to a single file the quickest)
- check for crash logs in ~/Library/Logs/DiagnosticReports
- run mlvfs from the command line and send me any output
Also you could be a little more specific about what you mean by 'it fails'. Do you get an error message, does it crash, does it just sit there, what exactly happens. If you have lots of MLV files, or really large ones, it make take a while for mlvfs to index them, so it may sit there for a while until the indexing is finished. You can check the folder with the MLV files in it for .IDX files being created.