I was able to successfully install Grim Fandango in a WinXP bottle on the following machine:
Soyo SY-7ISA+ Intel i815 Motherboard
Intel Pentium III 866 MHz Processor
512 MB SDRAM
PNY Verto GeForce FX 5200 AGP 8x 256 MB DDR
Creative Labs Sound Blaster Live! 5.1 PCI Sound Card (SB0220)
Samsung CD-RW/DVD Drive Model: TS-H492A/RSWN
Dual Boot openSUSE Linux 10.3/Windows XP Pro SP3
CodeWeavers CrossOver Games for Linux Version 7.1.2
I used the custom installer (Grim Fandango Setup) available here: http://quick.mixnmojo.com/software . The Version 1.5 Launcher included in the setup program unfortunately does not seem to work, but the game can be started directly and will run in windowed mode (3D Accelerated) just as Alex Pretzlav reported in another thread when he was using the Version 1.2 Launcher on a Mac. I can't tell any difference between running the game in Windows and running it in Linux in this fashion. I played through the First Year without any problems.
One key thing to do was install the official Version 1.01 Update.