No, I don't know about any patch to MoM, but when I tried to get it working on my modern system I only got very erratic results...
To fall back on the Age of Wonders question.
If you are into mods, scenarios or play-by-email the classic Age of Wonders 1 has provided me with the best experience.
There's a multitude of player-created content out there that's just amazing, with great storytelling perfectly capturing the feel of established settings or creating new worlds. The community is still very much alive over at aow.heavengames.com. Try downloading "The Last Stand Before Destruction" single player map from there, it was the first custom map I ever tried, and the first one ever published, pitting you as the elves against an onslaught of enemies, orc, goblins, dark elves and undead, attacking you from every direction.
The experience in that single scenario only never reached its comparsion in either of the sequels.
The campaign, too, is one of my favorites in gaming history. No TBS has ever come close to it.
Good luck and I hope you'll tell us which game you decided for,