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This might indicate that your OpenAI key doesn't have access to that model. We've had some reports of this error but haven't yet figured out what causes it.
It could also be there is a problem with the API key. A known bug in 10.0.5.1 is that you can't use the Use Key option (pasting the key right into the configuration panel) but need to put the longer new-style OpenAI keys into a file (either the default location or a custom location). That bug will be fixed in the next update.
In general, gpt-4o should work, though.
I'll add for anyone using 10.0.5.0 and earlier that might see this (not relevant in your case): Messages about gpt-4o not working from the chat tool are fixed in version 10.0.5.1.
Please let me know if this doesn't help or if you find out what the problem was.