To quote Homer Simpson... d'oh!
I read about this error, but was referred to an old revision of BasiliskII. It was partially resolved upgrading Quicktime, the hard part is to find an old yet updated (for the time, circa 1995) that will install correctly.
Did you set the color palette to 256 colors? Myst always gave me problems on windows PC for the palette being set to 16bit (same as the NIT)