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Apparently I can't post lengthy replies so I'll have to breakdown the steps in smaller posts.

No guarantee it will work and also it might come with some risk. V5.4.0 was the last un-encrypted version of the firmware so it should be possible to use Hikvision's magic seed exploit to force a new password. Provided your camera is not a grey market import you should be able to confirm the firmware is compatible with the exploit.

Extract the digicap.dav file that you used to downgrade the camera firmware to version 5.4.0 to a local folder on your PC, C:\Hiktools for example.
Download the Hiktools firmware mod application from the link below (loads of info about the tool too) and place it in the same directory as the firmware file.

Open a command prompt on your PC, and navigate to the directory.
Type c:\hiktools>hiktools digicap.nav

There will be a lot data displayed but your looking for: the ‘magic number’ = ‘0x484B5753’ and the iLanguage is 1 ENG/ML

If you see those you should be able to proceed. Let me know.

It seems 5.4.0 is open to several exploits. This tool might be the easiest way to go: How to hack Hikvision camera (the easy way) - Learn CCTV.com

Magic number and Language correct for 4.5.0 digicap. Password reset tool returns error - "unable to connect to server".

Apologies for the delay. The password reset tool was a hopeful suggestion. Guess that exploit was patched in 5.4.0.

Try this from your browser:
Supposedly 5.4.0 is still susceptible to this exploit and will download the camera configuration file.

Since the magic number and lang. are correct the next step with the firmware is to either create a custom firmware with the IP hard coded, or try the forgotten password option in SADP. I'm going to try my side to create the custom firmware then I'll share the steps if successful.

Unfortunately I don't have access to a R2 series camera like yours. I've got a G1 I'm testing with and there is no firmware prior to 5.4.41 which is encrypted. Best course of action then is to try SADP and the password reset exploit. More to come.

In SADP, select the camera and copy the whole serial number. Paste it into this online tool.
It will give you a password reset code at the bottom. In SADP at the bottom right click Forgot Password. Skip step one and enter the code (input key) and set a new password.

Comes back with 'Failed to reset password. Device Denied'. About the only thing I can do is reset the date/time via iVMS4200 and that comes back with an error message but the change takes place until a reset. I think the camera is totally bricked.

It would be nice to know if the issue is password related. Do you have any experience with Visual Studio? The software developer kit has a config tool that would narrow down authentication problems and possibly force a new IP.

It's a breeze to compile and test with. If that sounds like too much hassle, I could send a link to the complied version. I'm steering away from creating a custom firmware as I can't test it here first. Let me know.