I tested first with a pirated copy of the old version and erroneously assumed the updated version would also work, I get a segfault on launch with the line:
err:wgl:X11DRV_wglCreateContextAttribsARB Context creation failed (error 1)

Which seems to suggest it requires DX11, which is ridiculous considering how old this game is.

The system requirements for the new version on the GOG store page list "DirectX: Version 9.0a".

Perhaps the game's default graphic settings can be reconfigured to use DX9.
(Either via a setup program or by manually editing the configuration file in a text editor.) GOG offers a really good money back guarantee for if the product they're selling fails to function.

Instead of resorting to piracy if you purchase the game from GOG and can't get it to work there is no risk.

Additionally if you send GOG's support team a support request they will help you get the game running if there is a problem.

I'm curious if anyone has got this working on Wine myself. I have the original CD I picked up ages ago but the fixed resolution it runs at is a problem on new monitors.

@ Tiephoone that's an X11 error as in Xorg nothing to do with DirectX. Maybe try a different version of Wine like Staging if you're not already.

I'm on staging, fiddled around a bit and tried using the standard Wine version but still no luck, the original version works fine anyway, and it was only 3 bucks so i'm not too bothered. Also in regards to SpellSword, I'm pretty sure the GOG guarantee doesn't cover being unable to run a Windows game in WINE.