I successfully installed TinyVM on Solaris 7, but I first had to download the GNU versions of make and find, because the Makefile won't work with the versions of make and find that come with Solaris 7.
Ryan VanderBijl has been doing a lot of TinyVM work on Solaris. He pointed out that the scripts were bash scripts and didn't run with plain sh. This is fixed after 0.1.6. He also ran into a tvm-emul problem. It doesn't work due to byte-order assumptions in TinyVM. This can be fixed by editing vmsrc/memory.c and replacing EMULATE with 0. Use tvmld instead of tvmld-emul.