I downloaded "PMDRAW_197.ZIP" to gave it a try on my test ArcaOS 5.0.3 VM.
Same main window here, but only with the debug parameter. The fonts message always popped up. With eCS and many extra fonts (fatal, without /D and not fatal with /D), and with a clean OS/2 Warp 4 install without extra fonts (fatal, without /D; no test with /D).
If you don't need the parameter with AOS, which is good news, to start drawing, then there's no reason to use the /D parameter. Here (eCS 1.2) it's required to be able to start drawing, like you.
IIRC I've deleted font files and font settings in the system's INI file, to end up below 307, but that didn't help.
I haven't played with the Options -> Startup Options yet, which has a Quiet start and Expert dialog (requires a configuration INI file, which is another parameter). I guess the Expert dialog just gets rid of the welcome screen, and Quiet start may be a minimized start.