I've substituted the 3.01 *.exe's and *.dll's for 3.02 and well, it doesn't work. The non-overlayed executables are too big to fit in Windows XP's DOS window. So it'll probably die in any other DOS window (Win3.x/9x, NT, 2k(+3)|(+8)):

========================================================================== M:\board\MAX>dir max.exe
Volume in drive M has no label.
Volume Serial Number is 78C6-1C6A

Directory of M:\board\MAX

02/02/2010 09:43 PM 841,268 max.exe
1 File(s) 841,268 bytes
0 Dir(s) 313,802,240 bytes free

M:\board\MAX>max.exe
! 04 Feb 21:14:07 MAX NOT ENOUGH FREE MEMORY
M:\board\MAX> ==========================================================================

The 3.02 sources will probably need to be wholey compiled in Watcom 10.6 for overlayed executables for this thing to work in any DOS environment.