The game can be installed and launched when running on a mac with latest vmware fusion. I cannot however change any of the graphics settings without getting a gray screen.
Tested on 24" iMac core 2 duo with GeForce 7600 256MB

Try getting by with command line parameters and/or console commands executed via an autoexec.cfg (placed in the main subdirectory). You should find a list of console commands via google. Most Quake 2 commands would applicable as well.
But to be honest virtualisation doesn't cut the mustard for gaming. Use the Boot Camp route.