Well I can tell you the reason you are getting that error message is because you are running with a Voodoo2 Glide2x.ovl file. You need to use one for the Banshee. However, I have tried this in pure DOS and I end up frozen on a black screen. This could be because I dont have the right version of the .ovl, or that I have too much RAM on the system (64MB) but I can confirm I get the same message as you when using the .ovl for a voodoo2. You can try a banshee ovl or a voodoo3 ovl, and maybe you will get lucky with version compatibility.
Making progress, going to limit that RAM on the system:
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Well I can't get it to load after selecting to start a new game. Im going to drop the Voodoo 3 .ovl file here, extract it and copy it into you game directory and run it, see if you can get any further. This should at least get you past the error message.
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