I have those missing texts (appears to be fonts being invisible problem?) problem and now my MtG crashes every time I enter in combat.
I had the game working pretty well before, but stupid me wanted to cards be shown at Deck Editor in shandalar, so I started to mess around with my MtG (ie. following your guides how to make it work).
Do you guys who has this working see any fonts in files Tt0085m_.ttf and Tt0299m_.ttf if you double click it in Magic folder? (Windows will open it in font preview thingy) I can't see any fonts at all, but all the other files work good. Copying other font to replace these doesn't work at all either. I figured that it might be because of some kind of font cache thingy in Windows XP but after reading some threads changing font size in display settings should reset the cache, that didn't help at all.
My suggestion to all new comers trying this is to get that Underdog version, install it and don't touch it afterwards if it mostly works =).
EDIT: Now I see that someone just earlier said that he got this working just by replacing those two font files with new ones from original game CD, I have to test that out if I find the CD and it still works (it was in my car without case at some point for some time )