Congratulations on achieving creation of the updated FLX2420 with all non-KBHM objects deleted. 
Good news ...the KBHM Water Vectors project was able to be selected and compiled to BGL on my SBuilderX installation.
All I did was load the project, turn off the background map of MSVE imagery, zoom out to select all vectors, and compile; no errors.
NOTE: Assuming one's total quantity of CVX objects in the workspace is compatible with processing by SBuilderX, one must Select all of them in oder to successfully compile a BGL, as IIUC SBuilderX attempts to ensure all content intended for each SDK compiler is grouped together in a single output work set.
Outlying objects anywhere within a project extent, regardless of whether they are visible at the current zoom level of the workspace, which are not selected in a work session that is submitted for BGL compilation ...may cause the task to not be processed fully to completion, and a compilation error may be thrown in the GUI.
Thus, KBHM Water Vectors original working project files being edited already on your end should not require replacement at this time.
I attached a ZIP of compiled BGLs for KBHM Water Vectors, and an exclude of all default water polys to allow inspection of edited ones.
You are off to a good start with this aspect of making a set of CVX vectors that are displayable independent of PR aerial imagery.
It is important to remember to always first assign a Project name, save the Project to a *.SBP, and Export a *.SBX ...to files with that name.
Otherwise, when you compile, you will get generic 'CVX_Project' file names that are not sufficiently specific / descriptive to the file set.
Sooner or later, the multitude of proliferating files will be a nightmare to deal with if we are not abundantly clear with file naming habits.
You may wish to align CVX HL (Hydro Line = HLX) and HP (Hydro Polygon = HPX) vertices with IRL according to MSVE imagery locally as you proceed through the full project extent.
That will allow you to make continuous progress toward completion of these steps in your project without looping back to finish tasks,.
Also, you may wish to assign local water body Altitudes that match the terrain mesh to the KBHM HL and HP Polygon vertices.
Altitude is assigned to HL / HP vertex groups per water body Poly-line / Polygon (in each QMID subsection if divided by quad edge lines).
There 'may' be a work saver feature in QGIS to add Altitude to vertices of Poly-line / Polygon vertices (I use this in Global Mapper).
You may wish to research this to save considerable time, as I am not certain we can make CVX-type HL / HP vertices "terrain mesh-clinging" via a SDK Altitude 'fallback' variable such as we have in legacy LWM vector objects by using -9999 as an assigned value.
https://www.google.com/search?q=QGI...wLjG4B5IBwgcFMi0xLjHIBw0&sclient=gws-wiz-serp
Verify via KBHM HL / HP CVX vectors superimposed over LIDAR terrain mesh BGL in SDK TMFViewer to display Altitude value (Meters).
In SDK TMFViewer:
1.) Load KBHM Water Vectors
2.) Load KBHM custom photo-real aerial imagery
3.) Load LIDAR DTM terrain mesh
4.) TMFViewer Menu > View > Overlay Transparency... > Set slider max Left at Max Transparent
Move mouse cursor over CVX Poly-lines / Polygons etc. to read values for IRL Altitude in Meters AMSL.
PS: I use GIS software to convert a copy of my BMP imagery and TXT Geo-referencing output by SBuilderX tiledownloader, into a GeoTIFF in EPSG:4326 projection as an alternate data source file set.
Then I use GeoTIFF-to-INF to generate the INF file for that aerial imagery.
Next, I edit the GeoTIFF according to Luis Feliz-Tirado's tutorials for Masks.
When creating source data for larger Geographic extents of terrain coverage, depending on the zoom level of available source imagery, and the target output resolution zoom level, I may need to sub-divide ('sub-sample') the imagery data into multiple smaller file size work sets in order for them to be compatible for use with SBuilderX and SDK Resample
https://www.fsdeveloper.com/forum/resources/geotiff-to-inf.119/
https://www.google.com/search?q=www...1uAeSEsIHBzAuOS42LjHIBys&sclient=gws-wiz-serp
If you use GeoTIFFs as source files, technically your INF can be even less complex; but it is best to retain GeoTIFF-to-INF's extra info.
That way if a MASK file ever loses its Geo-referencing in a processing step, we have the required info in the INF file for reference.
BTW: AFAIK, FractionBits is not used with Resample 'imagery type' INF files.
FYI: I am preparing for travel later today, and may be away from my FS computers until some time Monday.
GaryGB

Good news ...the KBHM Water Vectors project was able to be selected and compiled to BGL on my SBuilderX installation.

All I did was load the project, turn off the background map of MSVE imagery, zoom out to select all vectors, and compile; no errors.
NOTE: Assuming one's total quantity of CVX objects in the workspace is compatible with processing by SBuilderX, one must Select all of them in oder to successfully compile a BGL, as IIUC SBuilderX attempts to ensure all content intended for each SDK compiler is grouped together in a single output work set.
Outlying objects anywhere within a project extent, regardless of whether they are visible at the current zoom level of the workspace, which are not selected in a work session that is submitted for BGL compilation ...may cause the task to not be processed fully to completion, and a compilation error may be thrown in the GUI.
Thus, KBHM Water Vectors original working project files being edited already on your end should not require replacement at this time.
I attached a ZIP of compiled BGLs for KBHM Water Vectors, and an exclude of all default water polys to allow inspection of edited ones.
You are off to a good start with this aspect of making a set of CVX vectors that are displayable independent of PR aerial imagery.

It is important to remember to always first assign a Project name, save the Project to a *.SBP, and Export a *.SBX ...to files with that name.
Otherwise, when you compile, you will get generic 'CVX_Project' file names that are not sufficiently specific / descriptive to the file set.
Sooner or later, the multitude of proliferating files will be a nightmare to deal with if we are not abundantly clear with file naming habits.
You may wish to align CVX HL (Hydro Line = HLX) and HP (Hydro Polygon = HPX) vertices with IRL according to MSVE imagery locally as you proceed through the full project extent.
That will allow you to make continuous progress toward completion of these steps in your project without looping back to finish tasks,.
Also, you may wish to assign local water body Altitudes that match the terrain mesh to the KBHM HL and HP Polygon vertices.
Altitude is assigned to HL / HP vertex groups per water body Poly-line / Polygon (in each QMID subsection if divided by quad edge lines).
There 'may' be a work saver feature in QGIS to add Altitude to vertices of Poly-line / Polygon vertices (I use this in Global Mapper).

You may wish to research this to save considerable time, as I am not certain we can make CVX-type HL / HP vertices "terrain mesh-clinging" via a SDK Altitude 'fallback' variable such as we have in legacy LWM vector objects by using -9999 as an assigned value.
https://www.google.com/search?q=QGI...wLjG4B5IBwgcFMi0xLjHIBw0&sclient=gws-wiz-serp
Verify via KBHM HL / HP CVX vectors superimposed over LIDAR terrain mesh BGL in SDK TMFViewer to display Altitude value (Meters).
In SDK TMFViewer:
1.) Load KBHM Water Vectors
2.) Load KBHM custom photo-real aerial imagery
3.) Load LIDAR DTM terrain mesh
4.) TMFViewer Menu > View > Overlay Transparency... > Set slider max Left at Max Transparent
Move mouse cursor over CVX Poly-lines / Polygons etc. to read values for IRL Altitude in Meters AMSL.
PS: I use GIS software to convert a copy of my BMP imagery and TXT Geo-referencing output by SBuilderX tiledownloader, into a GeoTIFF in EPSG:4326 projection as an alternate data source file set.
Then I use GeoTIFF-to-INF to generate the INF file for that aerial imagery.
Next, I edit the GeoTIFF according to Luis Feliz-Tirado's tutorials for Masks.
When creating source data for larger Geographic extents of terrain coverage, depending on the zoom level of available source imagery, and the target output resolution zoom level, I may need to sub-divide ('sub-sample') the imagery data into multiple smaller file size work sets in order for them to be compatible for use with SBuilderX and SDK Resample
https://www.fsdeveloper.com/forum/resources/geotiff-to-inf.119/
https://www.google.com/search?q=www...1uAeSEsIHBzAuOS42LjHIBys&sclient=gws-wiz-serp
If you use GeoTIFFs as source files, technically your INF can be even less complex; but it is best to retain GeoTIFF-to-INF's extra info.
That way if a MASK file ever loses its Geo-referencing in a processing step, we have the required info in the INF file for reference.
BTW: AFAIK, FractionBits is not used with Resample 'imagery type' INF files.
FYI: I am preparing for travel later today, and may be away from my FS computers until some time Monday.

GaryGB
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