Sorry for breaking your forum rules, I wasn't aware of the distinction between protection emulation and protection removal (and sorry for the delayed answer).
The title is a Swedish game for children, "Bygg bilar med Mulle Meck" (Build Cars with Mulle the Mechanic), from the late '90s. I'm quite confident you haven't heard about it :-).
Regarding compatibility settings:
Unfortunately, these don't address the problem I'm having as they mainly (and to some degree) adjust the graphical environment to suit old programs. The problem here is that the game relies on its SafeDisc driver to be installed. 64-bit Windows only allows signed 64-bit system drivers to be installed on the system, and naturally none is provided with the game. 32-bit user-space code (applications and some simple drivers such as printer mini drivers) can run in 64-bit Windows, but 32-bit system drivers are completely locked out. There is no workaround to this.
I guess I will have to look into virtualization instead, running a 32-bit guest on my 64-bit machine and using the Alcohol method you provided. I was trying to avoid this kind of setup to keep things simple for my 7-year old daughter when starting the game, but I'll try to figure something out.
Thanks for your help!