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To whom it may concern, FYI, FWIW, etc...

The native Loki port on Ubuntu 20.04, patched (4.0a):
The statically linked executable: works out of the box (needs OSS emulation for sound)
The dynamically linked executable: works out of the box with the Loki Compat libs (see its README)

Seemingly the only advantage of the latter is the possibility to make it use ALSA to output sound instead of OSS which seems to be the only option with the former (need to get PulseAudio as the default ALSA device out of the way).

Both have the problem of using SDL1 which upon going fullscreen will put those with a modern multi-monitor setup in a world of pain.
To use the sdl-compat shim with it (and have a pain-free fullscreen experience) see
YMMV obviously.