Copy the edit_db.php to the root of your forum, then run it. For example, if the path to your forum is http://www.duh.com, then you would run http://www.duh.com/edit_db.php. Let me know if that works for you (I don't understand why it wasn't run to begin with.....)
Table 'assostonhng1.smf_bbcodes' doesn't exist
Just a heads up, I was having this same problem, I had to make the following changes:
1. Modified the edit_db.php file by deleting this portion:
if ((SMF == 'SSI') && !$user_info['is_admin'])
die('Admin priveleges required.');
The admin check was causing the edit_db.php script not to run for whatever reason. Once this change was made and then I rezipped the files, I was able to run the Install Mod command in Package Manager.
2. However, once it was installed I noticed that the Custom BB Codes page in the Admin section looked like it was there but the panel wasn't really showing up. I had to manually execute the changes in the install_20x.xml file because that didn't run for a reason I still don't know. I had to manually download my ManagePosts.php, ManageSettings.php, and Admin.template.php files from my server, make the modifications, then upload them back.
I still have some issues like the text
appearing at the top of the admin pages, but it seems like it's functioning.