I don't have a shortcut to Font View, but open TTF files from Windows Explorer. I created a shortcut icon on the desktop, and changed the properties as you suggested. It opens maximized, but not surprisingly shows the above error message.
Fontview.exe is the default application provided with Windows 9x for viewing font files. It has the usual three buttons. One can also double-click on the titlebar after opening it, but that is one stage too many if you spend a lot of time viewing fonts.
I have the Font Thing, and no doubt there are other viewers too, such as the Shareware Program, Fontview, but Fontview.exe is just the bare bones, which is probably the most suitable solution here.
You can compare it with viewing txt files in Notepad. You can resize or maximize the Notepad window every time you open a text file, but wouldn't it be better if it remembered the previous setting?