Good Morning Martin!
BTW, one other thing - are you using DOSBOX Front or some other DOSBOX GUI?
I'm using the 4.9.5 version of same, on top of DOSBOX 0.7.4, and find it very useful in quickly setting up DOS programs and games under DOSBOX. I like the fact that all the settings are present, under various tabs, so after loading the program you can quickly page through the settings and create a .CMD file to run the program, in minutes - I also find it useful to quickly modify games like Privateer that are not cooperating.
Your probably using it or something similar, however useful information for others if they are wanting to try DOSBOX, but are reticent about it being too complex to set up, game by game, command line wise.
Personally, I find that most games, once you have the mount setting right (points to where you have installed the game), just work under DOSBOX - if they don't, usually its the video perspectives that are wrong and need adjustment and occasionally the sound.
Trying to find the right combination of DOS VDM settings I've found has been a challenge many times - especially the SET BLASTER variable - doing Wim's testing, I have yet to find the right settings for sound under a DOS VDM on my test system - its the reason I'm interested in Privateer, as it seems sound is the biggest problem there - something of a troubleshooting challenge, which spending my life as a troubleshooter, is appealing.
Best of the day, Sir!
M