Although Microstation /J has not been certified for use on the Windows 7 operating system it should be able to operate reasonably effectively. This particular error code does not seem to be one that is known to us at the moment but as explained it sounds like Microstation /J may be trying to call Windows code associated with a previous O/S.
Some consideration when using Microstation /J with Windows 7 would be the permissions of the Windows account you have logged in with. You might like to check if you have a Local Administrator account or try starting up Microstation /J by selecting "Run As Administrator". This is available by right clicking on the icon used to startup the software.
Another item to check on a Windows 7 system would be the User Account Controls (UAC). It may be worth considering dropping these to the lowest setting to see whether that makes a difference. These can be modified under the Control Panel > User Accounts > Change User Account Control settings.
Otherwise we would probably suggest upgrading to a version of Microstation V8i that has been certified for use on the Windows 7 operating system.