I don't have the old Action 1.5.x installed to screenshot it, but I found in your old user manual you can see the setting I'm referring to. See page 40 of the old user manual PDF:
http://download.mirillis.com/files/user ... Manual.pdf
"HIDE HUD DURING DESKTOP RECORDING"
So only is the HUD not recorded, but it actually would disappear while recording the desktop.