If you set your reset address to point to flash and your text segment to a different memory then elf2flash will try to put a small piece of code (the boot copier) into flash at the reset address which copies your code and data from flash to the memories you specified.
This error message indicates that you have used the flash where the boot copier would go for something else, so the boot copier can't be inserted. This means that your system probably won't function.
Are you using one of the standard designs? Which memories did you set your code and data segments to?