From a short look, the mouse issue persists with MinIVMac II, unfortunately.
BII Build 142 and Fusion are still to try.
I´m afraid the game is not using mouse system calls as recommended,
but wants to talk to the ADB mouse directly.
Edit: The obvious combo DOSBox/Fusion30 fails sadly.
Not sure if anybody is willing or able to configure DOSBox with 12MB RAM or so.
DOSBox default RAM is 4MB.
Basilisk II Build 142 shows the same unmovable mouse problem.FusionPC 3.0 handles the mouse for Apeiron correctly!
I only have a Virtual Box installation to try right now where sound is not working.
As mouse is working, I´m positive Apeiron will be fully working with Fusion on matching hardware,
e.g. a Pentium III or Pentium 4 rig with Windows ME or lower running in DOS mode.
If somebody would fix the non working SoundBlaster output in VirtualBox with the VBox instance here,
it would be much appreciated: http://macintoshgarden.org/apps/fusion-pc
Here is a screenshot, please note the black square.