Here is a potential fix for that afwul super black water/night bug, let me know if this works for any of you that are having this issue. I had a similar issue with the disk version of wizards & warriors where it was super dark and I was able to fix it by using dgVoodoo. Here's how to get it setup:

1: Download the latest stable version of dgvoodoo
2: Extract dgVoodoo2_77.zip and then navigate to dgVoodoo2_77\MS\x86
3: Copy the following files to the install location where mm9.exe is located: dgVoodoo.conf, dgVoodooCpl.exe, D3D8.dll, D3D9.dll, D3DImm.dll, and DDraw.dll
4: Run the game and see if the word dgVoodoo appears in the bottom right corner. If it does, dgVoodoo is working and should fix the issue. If the dgVoodoo watermark doesn't appear, try double checking to see if it was installed correctly.
5: To remove the watermark, run dgVoodooCpl.exe, goto DirectX, then uncheck dgVoodoo Watermark. Further configuration settings can be found here

I added this fix as well as a few other common issues (menus taking forever to load, loading screen freeze, mouse jittering) to the pcgaming wiki so that they're all in an easy to find place and you don't have to scour the internet for answers