Once you have confirmed that you have the dsd_xml_sound3.gau file in the \FSX\Gauges folder, you can try replacing the following section in RED in your panel.cfg:

gauge35=Captain_Sim.p727.sound!main, 0,0, 10,10, Captain_Sim\727\sound.ini
gauge36=CALLOUT_SOUND!dsd_xml_sound3, 0,0,0,0, Sound\CALLOUT\Sound.ini
gauge37=CALLOUT_SmallJets!CALLOUT2500,      0,0,0,0
gauge38=CALLOUT_SmallJets!CALLOUT1000,      0,0,0,0
gauge39=CALLOUT_SmallJets!CALLOUT500,      0,0,0,0
gauge40=CALLOUT_SmallJets!CALLOUT100,      0,0,0,0
gauge41=CALLOUT_SmallJets!CALLOUT50,      0,0,0,0
gauge42=CALLOUT_SmallJets!CALLOUT40,      0,0,0,0
gauge43=CALLOUT_SmallJets!CALLOUT30,      0,0,0,0
gauge44=CALLOUT_SmallJets!CALLOUT20,      0,0,0,0
gauge45=CALLOUT_SmallJets!CALLOUT10,      0,0,0,0
gauge46=CALLOUT_SmallJets!CALLOUTMIN,     0,0,0,0
gauge47=CALLOUT_SmallJets!CALLOUTAPPMIN,  0,0,0,0
gauge48=dsd_fsx_xml_sound!Sound,2,2,2,2,\panel\v-one\v-one_Sound.ini
gauge49=dsd_fsx_xml_sound!Debugger, 420,550,600,80