Yes, OP's patch works, though it's a bit of a pain, and the PC version is arguably not the best.
The arcade version is easily found and playable with superior 3D-accelerated HD graphics in the Sega Model 2 emulator. You could just watch the videos and play the Redbook music and Training Mode separately.
However, here's what I did for W10.
1) Get the complete version of bspatch here (https://www.romhacking.net/utilities/929/) and drop the missing files into OP's patch folder. That makes the patcher work.
2) Do the inmm stuff as explained by OP for no-cd music.
3) Convert the avi files (PC ones work fine, I didn't bother acquiring Saturn ones). Any wmv codec should do (I used this online converter https://cloudconvert.com/wmv-converter), but make sure the output is 640x480 or you'll get a tiny window.
4) Don't use OP's ddraw.dll, it's old. Instead drop narzoul's DDrawcompat 0.4.0 (https://github.com/narzoul/DDrawCompat) into the game folder, this should fix crashes (can also add DisplayFilter=bilinear(90) to ddrawcompat.ini for some filtering).
5) Enable Win98 compatibility mode on the exe. This is important or it won't work.
6) In the game settings, set Frame Control to none or the game speed goes wild. For some reason it's set to Auto by default which causes double speed.
Here's a mirror of the patched executable and the other files (except music and avis): https://mega.nz/file/a4A1jRpY#vviWtd2tQbgW-kA … rAkhFTN00Rx_U34
Edit: I narrowed down which compatibility fix prevents the crash, it's EmulateHeap