The answer was a simple google search away.
You can run it on Windows 8.1 Pro.
Take a look at this link for several troubleshooting help:
SVC_Handler_mapping_error_in_MDS_Configuration_Manager
SVC Handler mapping error in MDS Configuration Manager
When you configure Master Data Services in the MDS Configuration
Manager, you may encounter an error indicating that the required .svc
handler mappings are not installed in IIS.
Before creating an MDS web application, you must correct the following
errors:
Internet Information Services (IIS) is not configured on this server.
The required .svc handler mappings are not installed in IIS.
This can occur in one of the following instances: IIS may be missing the necessary .svc Handler Mappings. Visit IIS Manager from
the start menu. If you have a default website listed, click the site,
and click Handler Mappers icon. In the list, sort by Path column.
notice if *.svc is listed or not. If it is already listed, this error
may a false positive, but if it is not, you may need to install the
*.svc path mappers in Step 2 & 3 below.
Depending on the IIS version, there are different ways to get the
Service Mappers installed. For .Net 4.0, the mappers may need to be
installed by installing HTTP activation in .Net Framework 4.6 Advanced
Services. From the start menu search or control panel, find the item
Turn Windows Features Off or On. then in the tree of Windows Features
find .Net Framework 4.6 > WCF Services > HTTP Activation
On earlier Windows versions where .Net Framework 4.0 does not come
preinstalled, when you add or install IIS features after .NET 4 was
installed, you may encounter this error. To fix this issue, open a
command prompt and go to the .NET directory (for example
%windir%\Microsoft.NET\Framework64\v4.0.30319). Run the command:
aspnet_regiis -i.
You may encounter this error as a false positive or false negative
when there is an existing IIS website(s) already existing in your IIS
server, but you select a different Web site to host MDS, or when you
select a Web site other than the first Web site listed. This can
happen in following two ways: Service handlers are not installed on
the first Web site that MDS is not attached to, but are installed on
another Web site that MDS is attached to. MDS will post an error
because it looks at the first Web site, not the second Web site. This
is a false negative, in that the error message indicates that the
handler mappings are not made, whereas they actually are. In this
case, you can ignore the error and proceed. Service handlers are
installed on the first Web site that MDS is not attached to, but are
not installed on another Web site that MDS is attached to. MDS will
not post an error because it looks at the first Web site, not the
second Web site. This is a false positive, because the lack of handler
mappings will cause MDS not to work. You should install the handler
mappings for the Web site that you are attaching MDS to.