Does anyone know if the Junos setting in QEMU, in GNS3 .0.8.2 actually works?

There is no documentation on it that I can find at this point. All the Junos documentation for GNS3 on the internet appears to be several years old.

You need compiled Junos image.
And only M series junos has supported in GNS.
it is approx 4Gb large.

I can get the image off of Juniper's site, is there anything else needed for it?
I tried an M10i jinstall image, and the router when booted just sat at "BTX Loader"

The M10i install image is:
install-media-12.1R1.9-domestic

Its only 400+ MB, so that is definitely not the right image if the one you are looking at is 4GB.