Surprised that I haven't seen anything about this project since it actually works!
No DOSbox, VDMsound or anything else. Just need your 1.31 Master of Magic installation and the download at his site. Sound works too 
You can choose 13 A.I players and probably 13 human players as well. You can change the rules in an advanced way if you'd like
This is the second time I've played Master of Magic so I don't know much about it.
I'm playing it now but I wonder if things work how they're supposed....several menuitems don't work! Spells and Magic do though....
I haven't read the manual so this may be obvious but I don't know how to make Halfling Slingers get new shots....and I put two Highmen Bowmen on patrol in a city and now I can't get them out....
Other things I was surprised of was that a scout said that a Sorcery node had a Air Elemental as a guardian but when I invaded there was three of them!! and three Phantom Warriors.