KuneriLite uses S60 3rd Maintenance Release SDK
I have nothing against this, it's only because I use another one with Adobe Mobile Packager than I tried to setup KuneriLite another way.
Simply edit start.cmd on KuneriLite root folder and add a line at the end
SET EPOCROOT=\S60\devices\S60_3rd_FP2_SDK_v1.1\ (or any path)
notice there is no C: nor D:
the only drawback is that the SDK must be on the same drive than KuneriLite
Of course, it's only after I fixed my setup that I found the tip on KuneriLite's wiki !
Now I have to find how to disable this annoying "Release Note"...