When you say the correct way do you mean the recommended way as per the knowledge base?I have installed the 1.4.7 version of optifine to the ultimate pack, in the correct way.
By "correct way", can you please specify? I know of two ways of adding Optifine. The first, default way, by moving the optifine files from the zip or jar into the minecraft jar and deleting the META-INF folder. The second, FTB way, by adding the optifine zip into the instMods folder of the modpack in question.
Ah, by clicking "Edit Mod Pack" on the launcher? I tried that, also failed. The way that worked for me was the second method I said.
http://forum.feed-the-beast.com/threads/optifine-other-mods.6671/
Not to insult your intelligence, but are you sure you're using the right version of Optifine?
http://www.optifine.net/downloads.php
Use one of the links listed under "Minecraft 1.4.6"
OptiFine 1.4.6 HD U D5
I use this one, too. Put it in instMods folder, there shouldn't be a problem. If there is, then my usefulness ends