No al32gabby. That didn't work for me.
I found the cause of the problem!!
Falcom released two different versions of "Brandish -Renewal-" (the only difference between them is the compatibility with your operative system):
-The first release is the one I bought and tried to install. It comes in a CD-ROM which include demos from other Falcom games and have CD-DA tracks as an omake (Falcom CD Best Selection '95). It also comes with the original "Brandish" (not Renewal) in three floppies "for free" as an extra (for those users without a CD-ROM drive and/or wanting to play the original version). If you create a "UTY" disk it's only for playing the original version from floppies. The version that can be installed to HDD is the "Renewal" one included inside the CD-ROM. The problem is this first release works only under MS-DOS 3.3 -5.0. So if you are using a MS-DOS newer than 5.0 it will not work: you can't install the game to the HDD and/or play it. As I said, I have Windows 98 installed on my HDD and that use MS-DOS 7.1.
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The second release is the one that can be found on the internet (was dumped a lot of years ago). The first difference you will notice is that this release doesn't contain CD-DA tracks and the demos from other Falcom games are missing too. It's compatible with all MS-DOS versions and can be installed easily from Windows 95/98 (CD-ROM with autorun and easy step-by-step installation). Very difficult to make it works after installation because the usual lack of memory available under Windows 98 (you have to create your own boot floppy with CD-ROM drivers, EMM386.exe, change config.sys and autoexec files from HDD and floppy, etc.) but hey... it works! Almost all the data is read from the CD-ROM (it only copies two files to the HDD folder).
*The CD-ROM version of "Brandish 3" has the same problem (not checked yet, but probably Brandish 2 CD-ROM too). It can't be installed using the installer (install.bat) if you are using a MS-DOS beyond 5.0. Falcom, at least this time, let you copy manually the folder containing the data from CD-ROM to HDD if you have a MS-DOS beyond 5.0 (they tell you this in the back side of the box). So "Brandish 3 CD-ROM" can be played without problem no matter which MS-DOS version are you using. If you have 5.0 or less, you will be able to use the "install.bat" and almost all the data will be read from CD-ROM while playing; and if you are using a MS-DOS version beyond 5.0 you will not need the CD-ROM inside the drive anymore because the game will read all the data from the folder you manually copied to the HDD.
Here you have a comparison between the first and second release of "Brandish Renewal":
First release:
Second Release: