I noticed that rev C of the camera board has 2 additional switches not present on previous revisions. It appears from the silkscreened diagrams on the board that if I want to use this with a 96Board such as the Dragonboard, switches should be setup as follows: S1=down position, S5= switch 1 on (to the right), switches 2-5= off (to the left). I did so and this booted up successfully. However out of curiosity I set S5 switch 1 off which is how the board was shipped and reran the 3D TOF application. This also worked. So my question is, what does S5 switch 1 do? It doesn't seem to have any effect on running the application.
The S5 switch 1 enables 3.3V on the RPi connector. It is meant to be ON in case there is an external RGB camera connected on the RPi connector. Without an RGB camera connected it does not matter which position it is in when using the system with a 96Board.