Was it version from link that I gave you?
Actually, you need only two things with it: extract game into hpinball dir, and mount dir from one level above (i.e. dir "hpinball" must exist on virtual C". After that running 3dpinball.bat worked just fine for me. But let me try to reproduce...
...Aha, I see the problem now.
See, command line parameter to runcd is game dir. If dir is wrong - game will not work. In your case you installed game into PIN dir, but trying to start it from hpinball dir. Either change "..\hpinball" string to "..\pin" in the bat-file, or rename "PIN" to expected "HPINBALL".