I know a solution to this.
Get a application called "D3D-Windower" and play the game windowed. As funny at it sounds, it fixes the issue entirely for me.
I tried to debug the game in fullscreen, but it always insists on being in full screen, which makes it impossible to debug the camera code in realtime.
With this and the other fixes (I made a loader which patches the game to not use a CD as well as fixing the crash bugs), the game runs perfectly.