You either port your code to Delphi 2009/2010 level (Unicode), or you may as well not install the product.
I suggest you open the project and see where it fails, close the project (without saving anything), find the component versions you need and install them, and once the project opens up in design mode (all components are installed) you can start porting.
Read the Unicode Delphi migration (porting) information available at the website.
Ask your self each time you see PChar, and Char, if it needs to be PAnsiChar, or AnsiChar instead? If you are reading bytes from a disk, a com port, or a network connection, you will need to change from Char to AnsiChar, from PChar to PAnsiChar, otherwise, you might just leave the Char and PChar as they are and they will become Unicode. Always be aware that Char is not a Byte, anymore.
You also must replace explicit references to narrow Win32 API calls with versions without the A (ansi) suffix. Example: CreateFileA might need to become just CreateFile.
W