I had 64 bit set to true on many occassions and it still ran in debug but failed when running as a job.
I just ran a package with 64 bit set to true and it sucessfully completed.
Is the OP connecting to Oracle, DB2, etc or are they only using SQL Server Authenication?
If they are only using SQL Server Authenication specifying EncyptSensitiveWithPassword is not going to do anything.
The error that the OP is getting is not the type of error you would expect if there was an issue with the password.