There has been some renaming in the Blender 2.6 API which invalidates some older scripts. You are probably running into that. Find the lines of code that error out and make sure they match the current 2.69 API.
Or just use the Blender Internal to Cycles script that already exists after you manually import the OBJ. I doubt you will find a one click solution to magically convert all materials into exact replicas inside Cycles. Somewhere along the line you will have to tweak the materials by hand.
Maybe I am over simplifying, or maybe there is something I am missing here with how you are looking at cycles, but Blender 2.69 can import a DAZ or Poser scene as an obj and the materials and textures are now imported with it.
Granted it is still not perfect because there is tweaking that needs to be done to the materials diffuse levels, reflection maps set too strong, etc. However, at the top center of blender you can change the option from Blender Render to Cycles Render and it works just fine.
Like I said, you will have to tweak your imported obj materials and textures but they are there now so no need for teleblender any longer.
