After a looong time I thought I'd see if there are any more patches out for SEV, and lo, there are!
So, with the most excellent Balance Mod and FQM available, I decided to buy SEV.  Mostly because I wanted to try making my own mod. 
However, there is a slight problem with SEV on my system. When selecting either D3D HAL or D3D T&L HAL in the setup, I don't see any of the text in the tooltips and message boxes, I do get, however, occasional full-screen flashes of white. Only setting display to RGB Emulation clears this problem.
This is with SE:V patched to 1.44 (non Steam).
Here's the machine info from dxdiag, I hope it helps:
------------------
System Information
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Time of this report: 8/14/2007, 18:48:10
       Machine name: WOLF
   Operating System: Windows Vista™ Home Premium (6.0, Build 6000) (6000.vista_rtm.061101-2205)
           Language: German (Regional Setting: German)
System Manufacturer: System manufacturer
       System Model: System Product Name
               BIOS: BIOS Date: 02/07/07 15:12:37 Ver: 08.00.12
          Processor: Intel(R) Core(TM)2 CPU          6600  @ 2.40GHz (2 CPUs), ~2.4GHz
             Memory: 2046MB RAM
          Page File: 1076MB used, 3236MB available
        Windows Dir: C:\Windows
    DirectX Version: DirectX 10
DX Setup Parameters: Not found
     DxDiag Version: 6.00.6000.16386 32bit Unicode
---------------
Display Devices
---------------
        Card name: ATI Radeon HD 2900 XT
     Manufacturer: ATI Technologies Inc.
        Chip type: ATI Radeon Graphics Processor (0x9400)
         DAC type: Internal DAC(400MHz)
       Device Key: Enum\PCI\VEN_1002&DEV_9400&SUBSYS_31421002&REV_00
   Display Memory: 1275 MB
 Dedicated Memory: 508 MB
    Shared Memory: 766 MB
     Current Mode: 1280 x 1024 (32 bit) (75Hz)
          Monitor: PnP-Monitor (Standard)
      Driver Name: atiumdag.dll,atiumdva.dat,atitmmxx.dll
   Driver Version: 7.14.0010.0503 (English)
      DDI Version: 9Ex
Driver Attributes: Final Retail
 Driver Date/Size: 6/13/2007 21:07:06, 2861056 bytes
      WHQL Logo'd: Yes
UPDATE:
Since RGB runs with approximately 2 FPS, I tried D3D HAL again. Seems like whenever a tooltip or right-click popup menu opens, the other controls (menu, map, buttons...) disappear. So I get either the interface OR the popup menu.