Hi Jeff,
Thank you for the images. Vicent has just described what happens in this case: you really don't need a HDR composition, as you have no saturated areas (except a few stars).
To perform an effective (although useless) HDR composition with these images, try lowering the binarizing threshold to 0.02. Then you'll see how the inner core of M31 gets replaced with data from the short exposure. However, this really makes no sense at all, since 0.02 is far from saturation. All you need is, as Vicent has pointed out, a simple histogram stretch followed by HDRWaveletTransform.
If you want to make a true HDR image, then you need much larger exposures where the central regions of M31 should be completely saturated, along with a set of decreasing exposures to cover the saturated areas. Ideally, the shortest exposures should show little more than a star-like galaxy core.