Yes, it does.
However, mounting MAX directory as a drive in DosBox is not a good idea either.
In order to work properly (without modifying maxrun.bat, at least), this game must be in a location that after mounting your virtual C drive in DosBox is seen as C:\MAX\. Ex: if you mount C:\OLDGAMES\ as your C drive, the game should be in C:\OLDGAMES\MAX\.
From what I understand, you unpacked the game to C:\MAX\ on your real hard drive (unless you unpacked it to C:\MAX\MAX\ and aren't telling us that).
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