When playing 3-player Warmahordes, Malifaux, etc., there's a fairly simple solution. As long as the playing area is a square, you can "remove" the corners to create an octagon with sides of equal length; each side of the octagon is a potential deployment zone. No player may deploy adjacent to or directly across from any other player. After determining initiative, the first player picks a side, the second player selects and deploys in one of the two eligible non-adjacent sides, and the third player deploys in the space he's been left. In this way board setup and deployment zone selection retains its importance and each player starts equidistant from each other player. The corners that were not eligible for deployment are restored during gameplay, giving the familiar 3x3 or 4x4 play area.
Also, I disagree with the notion that a scenario is mandatory. Scenarios can be great and are often better than just last man standing, don't get me wrong. Three player free-for-alls often do result in kingmakers, but striving to make sure you're the one made king introduces an interesting meta to the game that's absent to two-player gaming and IMO isn't worth worrying about.
Edited by shakedown47