Hmmm I went to Options->Video and it appears that DirectDraw was already selected. Just for the heck of it I switched it to GDI. Wouldn't you know it it now runs at full frames (near as I can tell) That's bizzare... Of course TCMP was written for WM5 so maybe... More tweaking to do I guess. Another oddity is that when I go into Options->Settings on the General screen my PocketPC shows up as an 385 Mhz ARM processor(I thought I had a 400MHz Intel PXA250).
Oh well. I'll explore further. I wonder why it chokes on DirectDraw though?