Building a house out of toothpicks isn't a great idea. If you are willing to spend THAT kind of time, you'd be better off just recreating that game in some engine and recreating the assets in modern formats. Don't even both trying to convert scripts, rewrite them yourself
Please don't say such things! Its far worse to recreate the game in a different engine and use modern formats. First of all, there is no advantage in using modern formats to store the games data. You gain nothing and give yourself a nightmare worth of converting. Also please don't just throw around the just "rewrite them yourself", I have attempted to do that with the Midgar Conversion Project: http://forums.qhimm.com/index.php?topic=15744.0
AND with Finishing Touch: http://forums.qhimm.com/index.php?topic=16211.0
both times I realized it is utterly impossible to rewrite or convert the scripts since it takes about 5 days to a week to convert a field working 2-3 hours a day. Given there are only around 50 weeks in a year and there are over 700 fields ehh I wouldn't bother.
The fastest solution to get the game working is to re-create the engine that was used to run the game in the first place so you only have to worry about the engine and not the data. Early versions of Q-Gears accomplished this and progress was going smooth until suddenly the code was rewritten.
What ergonomy_joe is doing is great and is the proper way to do it because fighting with the engine is a winnable battle, fighting with the data is overwhelming and a certain loss.
I want to find out how he does it and try to do it myself. How does he get the games ASM? How do you split the games code into files that you can compare? Then once I recompile it with the compiler used to make the game what do I compare?