This doesn't seem to launch any longer with a fresh install via the crosstie for HOMM3 Complete.
part of the log:
[everything looks fine before]
0158:015c:trace:module:LdrUnloadDll (L"kernel32.dll") - START
0158:015c:trace:module:LdrUnloadDll END
0158:015c:trace:module:LdrGetDllHandleEx flags 0x1, load_path 00000000, dll_characteristics 00000000, name 0012F8EC, base 0012F8E8.
0158:015c:trace:module:LdrGetDllHandleEx L"GameOverlayRenderer.dll" -> 00000000 (load path (null))
0158:015c:trace:module:LdrGetDllFullName module 79F00000, name 0012F4DC.
0158:015c:trace:module:GetModuleFileNameW L"C:\\windows\\system32\\ddraw.dll"
0158:015c:trace:module:LdrAddRefDll (L"ddraw.dll") ldr.LoadCount: -1
0158:015c:trace:module:LdrGetDllFullName module 79F00000, name 0012F4D0.
0158:015c:trace:module:GetModuleFileNameW L"C:\\windows\\system32\\ddraw.dll"
0158:015c:trace:module:LdrAddRefDll (L"ddraw.dll") ldr.LoadCount: -1
0158:015c:trace:module:LdrGetDllFullName module 79F00000, name 0012F4C4.
0158:015c:trace:module:GetModuleFileNameW L"C:\\windows\\system32\\ddraw.dll"
0158:015c:trace:module:LdrAddRefDll (L"ddraw.dll") ldr.LoadCount: -1
0158:015c:trace:module:LdrGetDllFullName module 79F00000, name 0012F4B8.
0158:015c:trace:module:GetModuleFileNameW L"C:\\windows\\system32\\ddraw.dll"
0158:015c:trace:module:LdrAddRefDll (L"ddraw.dll") ldr.LoadCount: -1
0158:015c:trace:module:LdrGetDllFullName module 79F00000, name 0012F4AC.
0158:015c:trace:module:GetModuleFileNameW L"C:\\windows\\system32\\ddraw.dll"
0158:015c:trace:module:LdrAddRefDll (L"ddraw.dll") ldr.LoadCount: -1
0158:015c:trace:module:LdrGetDllFullName module 79F00000, name 0012F4E0.
0158:015c:trace:module:GetModuleFileNameW L"C:\\windows\\system32\\ddraw.dll"
0158:015c:trace:module:LdrAddRefDll (L"ddraw.dll") ldr.LoadCount: -1
0158:015c:trace:module:LdrGetDllFullName module 79F00000, name 0012F4D4.
0158:015c:trace:module:GetModuleFileNameW L"C:\\windows\\system32\\ddraw.dll"
0158:015c:trace:module:LdrAddRefDll (L"ddraw.dll") ldr.LoadCount: -1
0158:015c:trace:module:LdrGetDllFullName module 79F00000, name 0012F4C8.
0158:015c:trace:module:GetModuleFileNameW L"C:\\windows\\system32\\ddraw.dll"
0158:015c:trace:module:LdrAddRefDll (L"ddraw.dll") ldr.LoadCount: -1
0158:015c:trace:module:LdrGetDllFullName module 00400000, name 0012F4BC.
0158:015c:trace:module:GetModuleFileNameW L"C:\\GOG Games\\HoMM 3 Complete\\Heroes3.exe"
0158:015c:trace:seh:dispatch_exception code=c0000005 flags=0 addr=0000000079FFD602 ip=7bf31110
0158:015c:trace:seh:dispatch_exception info[0]=0000000000000000
0158:015c:trace:seh:dispatch_exception info[1]=0000000000000000
0158:015c:warn:seh:dispatch_exception EXCEPTION_ACCESS_VIOLATION exception (code=c0000005) raised
0158:015c:trace:seh:dispatch_exception rax=0000000000000001 rbx=000000000012fd24 rcx=0000000000000000 rdx=00000000fffffdff
0158:015c:trace:seh:dispatch_exception rsi=000000007a201f64 rdi=0000000000000000 rbp=000000000012f924 rsp=00000001001ff480
0158:015c:trace:seh:dispatch_exception r8=000000000012f054 r9=00006ffffff8e320 r10=00000001000ffc00 r11=0000000000000202
0158:015c:trace:seh:dispatch_exception r12=000000007ffc0000 r13=00000001001ffd24 r14=00000001001ff480 r15=00000001001ff730
0158:015c:trace:seh:call_stack_handlers found wine frame 00000001001FF500 rsp 00000001001FF640 handler 00006FFFFFF143F0
0158:015c:trace:seh:call_teb_handler calling TEB handler 00006FFFFFF143F0 (rec=00000001001FF260, frame=00000001001FF500 context=00000001001FE7D0, dispatch=00000001001FE6A0)
0158:015c:trace:seh:RtlInitializeExtendedContext2 context 000000000012F3A8, context_flags 0x1003f, context_ex 00000001001FE218, compaction_mask ffffffffffffffff.
0158:015c:trace:seh:RtlRestoreContext returning to 00006FFFFFF1438A stack 00000001001FF4B0
0158:015c:trace:seh:dispatch_exception code=c0000005 flags=0 addr=79FFD602 ip=79ffd602
0158:015c:trace:seh:dispatch_exception info[0]=00000000
0158:015c:trace:seh:dispatch_exception info[1]=00000000
0158:015c:warn:seh:dispatch_exception EXCEPTION_ACCESS_VIOLATION exception (code=c0000005) raised
0158:015c:trace:seh:dispatch_exception eax=00000001 ebx=0012fd24 ecx=00000000 edx=fffffdff esi=7a201f64 edi=00000000
0158:015c:trace:seh:dispatch_exception ebp=0012f924 esp=0012f810 cs=0107 ss=0023 ds=0023 es=0023 fs=010f gs=0023 flags=00000202
0158:015c:trace:seh:call_stack_handlers calling handler at 7A1C50B8 code=c0000005 flags=0
0158:015c:trace:seh:call_stack_handlers handler at 7A1C50B8 returned 1
0158:015c:trace:seh:call_stack_handlers calling handler at 7A1CCAE4 code=c0000005 flags=0
0158:015c:trace:seh:call_stack_handlers handler at 7A1CCAE4 returned 1
0158:015c:trace:seh:call_stack_handlers calling handler at 7A1A1F50 code=c0000005 flags=0
0158:015c:trace:seh:call_stack_handlers handler at 7A1A1F50 returned 1
0158:015c:trace:seh:call_stack_handlers calling handler at 7BFBA740 code=c0000005 flags=0
0158:015c:trace:seh:__regs_RtlUnwind code=c0000005 flags=2
0158:015c:trace:seh:__regs_RtlUnwind eax=00000000 ebx=0012f358 ecx=c0000005 edx=0012faf4 esi=0012faf4 edi=0012f3a8
0158:015c:trace:seh:__regs_RtlUnwind ebp=0012f27c esp=0012f274 eip=7bfba5c6 cs=0107 ds=0023 fs=010f gs=0000 flags=00000206
0158:015c:trace:seh:__regs_RtlUnwind calling handler at 7BFA4DD0 code=c0000005 flags=2
0158:015c:trace:seh:__regs_RtlUnwind handler at 7BFA4DD0 returned 1
0158:015c:trace:seh:__regs_RtlUnwind calling handler at 7A1C50B8 code=c0000005 flags=2
0158:015c:err:seh:NtRaiseException Unhandled exception code c0000409 flags 1 addr 0x7a1b1f30
[... from here on it crashes, it seems]