mapping in virtual xp mode

my 16-bit clipper application software is installed on a dedicated win7-64 bit system-C drive. (CompA)
the .exe file is TIMELOG.EXE (clipper 16 bit file). the folder name is TIME
(since it is installed on a dedicated system, i do not need to run the software on CompA.

CompA is networked to 8 other systems (2 XP, 2 Win7-32, 1 Win2008-32, 3 Win7-64 bit)
The C: of CompA is mapped as Z: to the client systems.

this is where am i stuck
The issue is with the Win7-64 client systems.
on the 64-bit client systems, when i click on the icon on the 16-bit clipper application, it does not run.
the properties-program of the icon in the 64-bit-systems are: Cmd line:Z:\TIME\TIMELOG.EXE
Working: Z:\TIME

so, after doing some r&d, i am going to install XP-mode-virtual-pc on the win7-64 bit systems.

can i map the C: of CompA to the XP-mode-virtual Pc & designate it as Z: (after mapping)
will my 16-bit clipper application run after the mapping to the XP-mode-virtual-pc (in the 64-bit systems)
should the properties-program of the icon in the 64-bit-systems be: Cmd line:Z:\TIME\TIMELOG.EXE
Working: Z:\TIME

and secondly, where can i find & edit the CONFIG.NT file in the XP-mode-virtual-pc

thanks for reading.

>> can i map the C: of CompA to the XP-mode-virtual Pc & designate it as Z: (after mapping)
yes

>> will my 16-bit clipper application run after the mapping to the XP-mode-virtual-pc (in the 64-bit systems)
it should

>> where can i find & edit the CONFIG.NT file in the XP-mode-virtual-pc
in the same place that you find & edit it on a real XP computer

The answers to these questions might be more obvious to you once (if) you get the KB to install...
virtual pc - XP mode
...and you open the XP Mode Virtual Machine.

While this seems like a slightly different topic... we could have easily handled all of your questions in one thread.