To get Blip & Blop run, the default wine configuration is just fine. The only thing to do is to change the color depth of X server to 16 bits. To do so, you can just edit the X configuration file (e.g. /etc/X11/xorg.conf), search for the line containing DefaultDepth and change it to look like this :
Then restart the X server (logout or just press Ctrl+Alt+Backspace, and login), launch Blip & Blop with wine and enjoy !