That thing is going to be closed source, ancient, and not actively maintained. 1.5 seems to have been released in 2001.
Why don't you download a free MS VM from https://www.modern.ie/en-gb/virtualization-tools#downloads and then try it on there using something like VMWare or VirtualBox
http://community.clickteam.com/threads/34059-MMF-1-5-to-MMF2...
I work on Gang Garrison 2, a game still actively developed which is also reliant on a dead game creation tool (Game Maker 8.0), so this is sadly familiar.