I did get it running on my 16gb m1 air under Parellels. Unfortunately I'm not sure which tweaks fixed which issues, but I had these bookmarks:
https://www.project1999.com/forums/s...&postcount=697 (the bit about arm emulation settings seems like a possible fix for this crash)
https://www.project1999.com/forums/s...1&postcount=14 (IIRC this fixed the red mist issue)
Initially the mouse behaved like there was some kind of pathological angle snapping going on. Eventually I got it so it only behaves that way at the login screen and server select. I believe I changed both parallels and windows mouse settings and wasn't sure which fixed it.
Performance isn't perfect; the frame rate gets bad in large raids and in the Wakening Lands, but it is okay in less demanding situations. Cranking up the max resources parallels allots to the vm may have helped.