Okay - I did make a reply but I thought I'd help everyone out and just make an individual post for reference.
Firstly, install the game as the "full install" (I recomend leaving all directories as is to ensure proper game play)
Next - download the patch from
http://www.versiontracker.com/dyn/moreinfo/macos/3678 and install it (this is why you should be sure to keep all directories as is).
Now you should be able to run the game and play just as you did on your PC or old classic Macs.
I didn't really come across any dificulties while playing however at one point (I cant remember when) i got stuck in a rut in which if I tried to click pretty much anywhere the game would crash to the desktop.
To overcome this I simply copied my saved game files to the desktop and trashed the game folder - reinstalled everything - loaded up the old save files and away I went with no more problems.
One more thing to mention - I would suggest not making any changes to where the game decides to install itself - at least not until you've applied the patch - this will ensure things are in the right place. infact the best thing to do is to just leave everything as is.