I do not see the "Migration from Claris Emailer" option in the pop up menu. Why not?if memory serves me right, this option was abandoned with v5. So you might want to try v4 or 3, which imho still can be downloaded. Once you created your PowerMail database you can update to the current version.
Version 4 is a Carbon application, which will run under Mac OS X... -- Don V. Zahniser