If you get this it will be a miracle, lots of my messages disappear.

The problem i always had booting like this was the lack of partition table in the image prevented it working. Colinux specifies partition image in config while qemu usually specifies a disk.

My method, for creating images for use in colinux, was to boot and install to a normal qemu disk in qemu. i would then mount an empty colinux disk in the image, format and dd the filesystem.

As you are attempting the opposite, i would use an existing qemu image from the web to mount a blank qemu disk and a blank colinux image. Partition the new qemu disk, format and then dd/cp colinux install to it.