In order to exclude InstantCore.img issues I've wrote it to 4.3G HDD of my ancient Toshiba laptop with P1 and 64M of RAM. No CHS adjustments, just as is and everything was smooth excepts screen resolution (got 640*480 instead of 800*600) but it was expected. GRUB menu appeared, kernel loaded, TinyX desktop worked normally.
Toshiba SatellitePro 480CDT.
Unfortunately @Mauricio's box has tricky BIOS, and I don't know, what can be done.