Does the GOG version of Overseer work in Win 7?

I tried playing today, doesn't seem to work on Win 7 x64. All the others in the Murphy series seem to run fine.

I was having stability issues under Win 7 x64 as well. It would run anywhere from 2 to 20 minutes and hang. What solved the issue for me was making a batch file that "task killed" the GUI (explorer.exe) before launching the game, and then restarts explorer.exe when exiting the game.
taskkill /f /IM explorer.exe
start /w overseer.exe
pause
start explorer.exe
This coupled with little to no unessential programs or tasks running in the background led to stable performance 3+ hrs. a session.