I have one, rather interesting aside to this whole debacle. Wing Commander Armada seems to suffer from a very similar issue. Try running Armada.exe with 637kb RAM free, it just won't happen (with ems=false)
But after you loadfix out 64kb of ram, (after a restart of dosbox, as Armada dying seems to destabilize things) Armada runs quite nicely... Although I'm noticing something that might be a caveat in the future, possibly for CanadaCow to look at: With Privateer and Armada, if you have ems=false, and ipx=true, neither will run, stating that "A network driver has been found, cannot switch to protected mode safely" Bloody Hillarious, Origin, considering that one of the ways to play Armada is over IPX or NetBIOS LAN... Hmph.
That seems like the first real argument I've seen to possibly enable VCPI support, though I don't know if it would actually make a difference. Of course, Armada seems rather silly anyway, even when ems=false, it still reports that it's Initializing and using EMS... Of course, it's 3am, I believe Armada uses an internal EMS Memory Manager/Emulator if a VCPI Complient EMM is not present?
I only mention this 'cause of Armada, Privateer, as a 1 player only game, one can switch IPX off and there'd be no harm, no foul.