I also had problems to get the game running. I always had a Black Screen with an endless turning ship wheel.
Stuck at that point I don't had a Config.ini file to edit.
1st step I made was renaming the Sid Meier's Pirates/miles/win32/mssa3d.m3d to msaa3d.m3d.old
With this change the game goes a step further and after a while I could hear sound but the game always minimized after a second, but in the background I could hear it is still running.
So I checked if I had a documents/My Games/Sid Meier's Pirates/Config.ini now. And yes the game made one now.
Now I was able to edit the Config.ini file with the extra line Fullscreen = 0
This solved the Problem for me and I can at least run it in window mode.
P.S.: For all who dont have a Config.ini at the documents/My Games/Sid Meier's Pirates folder, here is a copy of the ini file.
[User Settings]
Gamma = 1.000000
KeypadStatus = 1
DisplayShadows = 1
TrilinearFiltering = 1
DisableShaders = 0
AdvancedLighting = 0
WindowWidth = 1280
WindowHeight = 960
WaterDetail = 2
WorldDetail = 5
ObjectDetail = 2
MasterVolume = 1.000000
MusicVolume = 1.000000
SFXVolume = 1.000000
DanceVolume = 1.000000
IsSlowMachine = 0
Fullscreen = 0
MyName = Incognito
3DAudioDriver =
CustomSail =
CustomFlag =
Post edited September 01, 2020 by SirBowen