Sounds like a problem with GM, but I could be wrong. What version are you using, GMS1 or GMS2? Does it tell you WHAT index is out of range? The free version (of both GMS1 and GMS2) also has a limitation on the number of assets you can use (something like 25 of each type), so if you use that it might not be able to compile the game.
I'm using GMS2 the full version. It maybe it is a problem with GM, because one day before the engine got update and it maybe came with some bugs. But don't worry, I studied the code and I have implemented my own engine.
About the error, the message doesn't says to much. It literally say what I put in the previous comment.
Then it's one of the most un-informative error messages so far... Yoyo pls <__<
And yeah, from my experiences GMS2 is so buggy it should still be in beta... glad you could still import some of the code, at least!
You could try using the "add existing <resource type>" right-click option (or dragging scripts/sprites into the GM window) to speed up the process, or try re-importing the project files to an empty project, in case there's some version compatibility issue (it might even help importing the GMS1 project instead of the GMS2 project)... but if you've already set it up to work the way you want I guess there's no point in trying to figure out what the problem is. The fact that the error claims the asset compiler is failing makes this seem very weird...
I just purchased and I'm having the exact same issue. I'm running GMS2 IDE version 18.104.22.1686 and Runtime version 22.214.171.1241. Although I can conform importing the GMS1 version worked for me. Strange, but thanks for the prior suggestion.