Copy 'pf' to your projectm folder on your SD card and replace anything that it asks. 

This is packaged assuming that you are using vanilla Project M 3.0 with no other modded character portraits/stage selection portraits and is intended for people who downloaded Project M 3.0 and want Vacation Mario in it who don't want to bother with learning how to use BrawlBox. Anybody else is expected to use the normal installation. Thanks!