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[dosraider]

*Update*
This seems to work:
Mount your virtual C; (of course ....)

Mount the game folder directly as A:
(mount a x:\path\phantas3 -t floppy )
From A prompt run makehard
This will create a ph3 folder on your virtual C and copy/create the needed files
Now run the game from your virtual C:

If you did it all right you won't get that error message when you select 'yes' when asked if you run from harddrive, and save/load game seem to work now.
Next time no need to mount that A again.

[Edit]
....Or download this one:
PH3.zip - 0.17MB