Install Oracle Developer 6i on Windows 7 x64

I have a need to install Oracle Forms and Reports Developer suite 6i  with patch 14 on much newer WIndows 7 Professional 64-bit. At first attempt i tried and succeeded to install it all in 64 bit environment using Compatibility options but when i started to work with the tools i encountered many problems.
Next step was to install it in Windows Virtual PC )XP Mode). Steps to do so are:

1. Install Windows XP mode and Virtual PC as in instructions: http://windows.microsoft.com/en-us/windows7/install-and-use-windows-xp-mode-in-windows-7
2. Download and install XP mode : http://www.microsoft.com/en-us/download/details.aspx?id=8002
3. Download and install VirtualPC : http://www.microsoft.com/en-us/download/details.aspx?id=3702
4. Create default XP machine and edit settings (i usually get RAM to 1GB):

After that i started XP mode, set up initial password for XPMode (this is required. Windows XP mode remembers this password, but in later actions it can ask for it. Sometimes when that password is blank, XPmode throws an error. On this site there is a manual how to reset: http://www.mydigitallife.info/resetand-fix-incorrect-or-wrong-password-for-windows-xp-mode-xpmuser/) and install Developer 6i. After that i put valid tnsnames.ora and sqlpnet.ora at %ORACLE_HOME%\network\admin directory.

Now Developer tools could be run directly in XPmode machine (some people find it easier) or from Windows 7 Start menu: