Well, I tried this out. Mouselook along x axis is insanely slow. You can't use eqplaynice or wineq as they cause a memory error. None of the 3rd person views are usable for me, and with it possibly being patched out, frankly, just too much hassle and control issues for me to deal with. Ah well.
OK since i really have no other games to play I messed with the camera a bit. Basically if you want a 3rd person camera that follows your character when you turn etc (you have to keyboard turn), go to the second view with f9 that camera turns when you turn, then use alt 3 and 9 on numpad to set angle, and alt 1 and 7 on numpad to set distance from character and should be able to get a decent view. Sucks that you can't really use mouselook but, shrug. Just figured I'd mention this.
Just a bit more, 2nd camera that moves when you turn with f9, get a good distance for you from your char, invert Y axis on mouse and max mouse sensitivity and you can mouselook decently also. It's a little jumpy but not too shabby.
Nother edit. I didn't like not being able to zoom in out with mouse, so I wrote a script to do this and figured I'd post it. Source is in the zip if you want to look/change it. Basically hooks the mouse wheel, and sends 1 or 7 numpad 8x per tick of scroll wheel. Alt Home pauses it and returns scroll to normal function. Just right click icon in system tray and select exit to exit it.
http://dl.dropbox.com/u/19233738/Scroll%20Hook.zip