I went back to the compatibility thread to see the version I got it working and...when I tried it the text didn't show up :x
I figured it's probably setting related and played around with the GPU setting until till the text finally works in the older emulator. Please try unchecking "disable surface sync" in an older emulator version.
The text shows up too if you uncheck "disable surface sync" in the latest emulator, but unlike older version, the graphics also becomes very...low resolution. It might improve with more tinkering, but for now I'm satisfied with being able to play the game on an older version so I shan't experiment further.
Will also update top post with more information. Thanks for bringing this game to my attention!
See below for comparison.
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Older version:
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Newer version (yikes):
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