Shows how to remedy the problem with a hex editor. Tried it, works fine.
http://vogons.zetafleet.com/viewtopic.php?p=183149#183149

Thanks, that's way better than running low cycles.

That works perfectly thanks for finding it. It runs so much faster now and I can read the text with no problems :)

Can someone post or e-mail the fixed .exe as I am not adept at hex editing etc.

doesn't that TSR work ?

Download the patch that MisteRL posted on that forum put it in the folder with your MM.exe and run it. Works like a dream.

MisteRL wrote:
Here is another solution for those people like me who cannot find a satisfactory cycles setting. Open the Hex editor of your choice and change the following three lines in mm.exe:
Code:
0000 0860: C3 51 F7 26 DA 00 B9 03 00 D3 E8 8B C8 D1 E8 03
0000 0870: C8 41 51 E8 90 FC 0A C0 78 09 59 E2 F5 B8 00 00
0000 0880: E9 06 00 59 B0 00 E8 C0 FC 50 58 59 C3 FF FF FF
to:
Code:
0000 0860: C3 51 89 C1 51 52 B9 00 00 BA 00 04 B4 86 CD 15
0000 0870: 5A 59 90 E8 90 FC 0A C0 78 09 E2 E8 B8 00 00 90
0000 0880: E9 06 00 90 B0 00 E8 C0 FC 50 58 59 C3 FF FF FF
Gives you about 3 seconds (key stroke interrupts) to read the text, regardless of cycle setting. Works on the MM6 Collectors edition version of Might and Magic Book I.
I have tried setting the delay to 9 (slowest), but even then I had two choices regarding MM I:
a) I could reduce cycles until the game became unplayable slow and still could barely see the messages.
b) Or I could run the game at acceptable overall speed and not even notice that there were message I missed.
Hence the above patch. In case anyone else should ever run into this problem I have created an executable for easy patch application.
http://www.mediafire.com/?nn2tyyjtljh
Just copy it into the same directory as MM.EXE and execute it from Windows not DOSBox.
Btw., I have played through most of the game with the patch and so far no problems.

Thanks

EDIT:
Just tried this out and it works great! I set the cycles to auto and the game ran perfectly without any lagging and with all the text readable. There are only a few things that go by really fast, like when an enemy waits for an opening in combat or when you encounter monsters that have surprised you. All other text is perfectly readable.
I humbly suggest that this topic be made sticky so new players can get the patch and avoid this problem.

I have just played through the game using the patch kindly pointed out by UndeadHalfOrc (thanks) from start to finish and there were only very minor problems. Next to the messages which are still to fast already mentioned by Waltorious, the only other thing I noticed was that the spinners in the ancient wizard's lair were really, really fast.
@The GOG team
Thanks for making this classic available. Gave me a chance to finally finish this monster of a game after some twenty years.

Sorry to hear its still a bit fast for you. Try adujusting it via the in game controls. Also, there is a full MM1 script available on GameSpot.

In combat, you have to make sure to set the Delay to 9. This is done by pressing the D key, followed by the number 9. If you do not do this, the text goes by a bit fast, even with the patch, but once you set it to 9, it should give you plenty of time to read it (about 2-3 seconds). Annoyingly, you have to set the delay to 9 every time you launch the game, but once you've set it it will stay at 9 until you quit.
You will have to wait until you enter combat to set this.

Hmm..., I had a look at MisterRL's patch code.
If you you are savvy with a hex editor, I believe you can increase the delay in the following way. Change:
0000 0860: C3 51 89 C1 51 52 B9 00 00 BA 00 04 B4 86 CD 15
to
0000 0860: C3 51 89 C1 51 52 B9 00 00 BA 00 08 B4 86 CD 15
or even
0000 0860: C3 51 89 C1 51 52 B9 00 00 BA 00 0C B4 86 CD 15
in the patched MM.exe. I believe that 00 04 is the delay timer value. So doubling or tripling it should also double or triple the delay time. Haven't tried it though...

I think I have it at an acceptable level. Thanks for all the help.