Ok, here is your checklist.
The track folder needs to be in locations. GameData\Locations\yourtrack (no spaces in the name)
(Forget about subfolders in the track folder for now. Just put the scn gdb etc straight into GameData\Locations\yourtrack)
The textures should be in a folder called MAP
The gmt's should be in a folder called GMT
The search paths should be.
SearchPath=.
SearchPath=yourtrack
SearchPath=yourtrack\MAP
SearchPath=yourtrack\GMT
If all of the above is correct, it should all work.
I'm 99% sure that the problem your having is the textures aren't being found. Make double sure they are in the MAP folder and that the searchpath points to the MAP folder