The blue screen may be occurring if you have the wrong storage controller. Try using IDE and not SATA or SCSI which is the default. Regarding the VHD file, make sure you have both drives (system and data) selected when creating the VHDs. Occasionally, I have also had to attach the OS CD/DVD ISO file to the VM and boot from that to do a repair of the master boot record, but try changing the controller first. You should have a VHD file for each drive selected in Disk2VHD but you really only need the system disk file. You can always mount the data VHD after the VM is running. It will have a reference to the data disk in Disk Management, which you will need to delete, then mount the data VHD file as the D: drive.
I hope this helps!