Thanks for the hints but None of them helped. The solution was as simple as this:
Do not use JFS!
While I was thinking about what the System is doing during the first 2% of "Copying" in Phase 1 I guessed it may be: Formatting. Seem to be the right guess

In Addition I changed some Things in the advanced Settings of the VM, added i.e. USB and 2 Cores.
So I have got a running System now with:
Internet Connection
2 cores
No Problems with DOS/WinOS2
What I have to test is USB, but the Drivers loaded at least so far and all the rest

What did not work is the UNIAUD Driver, it failed during boot, I guess I will give another one a try (Like Andreas wrote about SondBlaster).
All in all: very promising so far!
Please see Pictures!
(Yes, could be a Thing for the Bugtracker, but I do not have the best experience with this....

)