If boot hangs at "Pci Configuration Being" add npci=0x2000 boot flag in settings.plist.
To install Lion on MBR HDD use patch OSInstall from nawcom.
"Lion and 10.6.8 AppleHDA.Kext doesnt work with legacy kexts anymore. Apple moved parts of the plists to 2 xml files (platforms.xml and layoutid.xml in Ressources. We cant inject into these xml files as we could with the plists." (Copy paste from another thread/post by aschar) You will need to download and place an edited AppleHDA.kext in S/L/E, run MyFix and reboot for changes to take effect.