Dear sstuparus
The problem doesn't come from Telemac.
In your installation, the fortran compiler is well install but the linker not.
When you open a command windows, if you type link, the command is unknown.
This command is often available with Visual Studio (Express or higher version) but it seems that in your case, the path was not updated when you installed this software.
You should have a look on your compiler installation manual to see how to run a compilation and a link in a command windows