Hi @viplister,
This plugin is a competitor of BuddyPress. They have exactly the same features.
Gwangi is a theme based on BuddyPress, so Peepso plugin will never be 100% compatibile.
However, our theme Gwangi works well without BuddyPress (and without Grimlock for BuddyPress). Therefore, if you install Peepso it should work but not with the same features as Buddypress.
If you have any errors with the theme Gwangi without BuddyPress, you can send them to us.
However, we cannot help you with the compatibility between Gwangi and Peepso because this plugin is not supported.
Best regards,