Thanks for all the positive feedback and advice, everyone! I've tried to update the OP accordingly.
An addition resource that might be useful: NTCompatible had a fairly nice thread about this game Pre-GOG release. You can find the most informative post
right here. Keep in mind that this workaround list predates GOG, and so a lot about the installers and patching is probably superfluous. In terms of possibly useful information that might still be relevent on the GOG version, here's my modification of what can be found up there:
1 - Modify the shortcut to launch the game. Change it to i76.exe to skip the splash screen. Turn on compatibility mode for Windows 98. This will prevent the game crashing with exception errors.
2 - You may experience crashes in the menu with certain sound hardware. To fix prevent this, you could try disabling sound acceleration in dxdiag.exe. Alternatively you can edit the Interstate '76 data file to prevent the bad sounds playing:
a) Backup DATABASE.MW2
b) Open DATABASE.MW2 in a text editor like SciTE
http://www.scintilla.org/SciTE.html (ms notepad doesn't handle large files well).
c) Search and replace "RIFF:" with "PIFF:".
d) Search and replace "zrRIFF" with "zrPIFF".
e) Save the file.
3 - If you notice the other cars are driving slowly and/or swerving/bouncing rapidly, you may need to install The Throttle to temporarily slow down your system.
http://www.oldskool.org/pc/throttle. (
Teflon Djinn's note: If you're running glide or D3D, enabling VSync here might still be a better idea)
4 (optional) You may notice Direct 3D mode only supports 640x480 and with low resolution textures. To enhance graphics, you can install a glide wrapper:
a) download dgVoodoo.
b) Unzip all dgVoodoo files into your Interstate 76 directory (C:\Program Files\Activision\Interstate76\ by default)
c) Run dgvoodoosetup.exe and choose your desired screen resolution for Interstate '76.
d) Tick 'Texmem scaled to 4mb'.
e) Set the texture memory as high as it will go.
These texture memory tweaks prevent the wrong sprites sometimes being drawn.
f) Click OK to save changes and exit.
g) Edit your Interstate '76 game shortcut and add -glide to the Target, so the target is: "C:\Program Files\Activision\Interstate76\i76.exe" -glide
(This assumes you changed splash.exe to i76.exe in step (1).