I recently tried using Grub4dos within a FAT32 partition and I couldn't.
I tried several versions of Grub4dos, from 0.4.4 to latest 0.4.6 and the behavior was always the same.
So, the problem, as described in the title, is that when I try to find a file or folder within a FAT32 volume it always returns a "Error 15: File not found" message. For example:
grub> find /iso Error 15
grub> ls (hd0,4)/iso iso
grub > geometry (hd0) drive 0x80(LBA): C/H/S=7832/255/63, Sector Count/Size=125821080/512 Partition num: 0, active, Filesystem type is ntfs, partition type 0x07 Partition num: 1, Filesystem type is ntfs, partition type 0x07 Partition num: 4, Filesystem type is fat32, partition type 0x0B