I'm having an identical problem. Here's the funny thing, though(after trying and reading through this thread, I found someone suggested this, but no one tried it), it runs perfectly under GinGE, full 50-60 emulation.
This is from the latest download straight off the archive site.
Regardless, I tried dumping a log file as well, and got a rather simple error message:
Code:
Loading global menu options
Failed to load global options, so using defaults
Loading default rom directory
Failed to default rom dir, so using current dir