You can press CTRL-F11 a few times to lower the CPU cycles DOSbox simulates. For M&M1, I lower it to around 300 cycles or so.
CTRL-F12 speeds it back up if you lower it too far.
This is true but I'd recommend the fan patch instead... lowering cycles will cause the entire game to slow down, whereas the fan patch only slows down the text.
Adjusting cycles is easy to do though so it's worth a try to see if you like it.
Also the exact cycles setting will vary from user to user because it depends on your CPU.
as far as i've learned within the past couple of days, I can only find the delay in combat. and where can I find the patch? that would be awesome, because even at 300 cycles, and the delay set on 9, I only get about half of a second to read the text.