That part is all grub4dos. Wubi boots via grub4dos - two files: wubildr.mbr and wubildr.
When you see the message Try(hd0,0) that's wubildr.mbr (think of it as a bootloader) looking for wubildr in the root of the first partition /dev/sda1.
Wubildr.mbr is tiny as are all bootloaders so it needs to load it's 'second stage' that has the code to loop mount the root.disk and present the grub menu - and boot the wubi install.
Anyway that's a lot of mumbo jumbo, but the point is that grub4dos is running, and it's looking for a file on the NTFS partition - and apparently its taking a long time. This has nothing to do with the problems you were having and nothing likely to do with the readonly tool you used. More likely something funny on the NTFS partition. I've no idea why it worked fine before and suddenly stopped working (or how long you waited before rebooting - i.e. is it really hung up or just slow).
Maybe it's time to ditch Wubi and do a normal dual boot.
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