Captain_Shiny: Alright, thanks for your help but unfortunately nothing seems to work (and those game options were already activated by default, btw). Every fix is only temporary for a few seconds and then the flicker sets in again. And by now I tried almost all driver settings and ingame options. With deactivated V-sync, the flickering occures partially between the screen tearing lines, btw.
DustyStyx: From bad to worse then, sorry.
I haven't had any problems with the graphics (AMD APU systems with windows 8.1) though I did have a problem with wonky mouse control, where my mouse view was effectively limited to a 30° cone in front of me.
Not sure if you are keen on trying one last thing. There is a graphics wrapper called nGlide, which allows 3DFx rendering on modern systems. Once installed change your 3D Card option to a 3DFX Banshee. It helped a lot with my mouse view, though it is still a little sluggish.
http://www.zeus-software.com/downloads/nglide Addendum: okay, the glide wrapper thing probably isn't going to change anything. Blood only has a Direct3D and Software rendering options. I think the mouse-look issue I had was fixed with Windows 8.1 update 1. I tried it again on separate computer with a fresh install of windows 8.1u1 and a old Radeon card. All it needed was the DirectPlay add-on and Blood2 was working fine.
Alright! Figured it out! After reading an unrelated thread somewhere about some game flickering because of speedfan (fan control tool), I tried it without having speedfan run in the background and it works! It runs like a charm and I don't have any stability problems, either.
Btw, support told me that it's not runnable under Windows 7 but I didn't have any further issues, yet - runs great so far.