It shouldn't take that long to load a BIOS... 5 to 10 seconds max. If you can tell me your file setup (a checklist), I can try see if there's something wrong.
1) Do you have the right keys, RC4 and EEPROM keys?
2) How are you launching EvoX? at your C: partition or in the gamesave folder
2b) If you're doing it in the gamesave folder, have you properly editting the BFM Bios
with XBTool to look for the dash in that folder?
3) You could try removing your evox.ini file (if it's not there, it loads default settings) to see if it's a ini file problem
- ZoGger
EDIT: I figure I should point out, that if you really can't get PBL working with the gamesave, you could just launch EvoX instead. You'll have to sign all your XBE, but I figure since you can't eject your disc and use a a DVD backup anyway... you'll be running software of the HD.
EDIT: EDIT: Another advantage of getting EvoX up first, is that at least you're up and running. You can then try get PBL to work by running it as an app at your own pace.