Error 53 is a "File Not Found", I think.

Did you make sure to unzip all the files that go with the logo editor (not just the main EXE)?

Where on your hard disk did you unzip it?

Where on your hard disk is the .zimage file for the kernel, and what is its file name?

What operating system are you running?

Can you install a boot logo?

Have you checked to make sure the serial port is even working?