Excellent, this works amazingly. = ) Good to see it booting up correctly in Speech-Only mode. I haven't got to the Caverns of Meat yet on this playthrough, but I'm also glad to see from your update list that the problem with the verbs has been dealt with.
To clarify on my earlier point about Herman, I've played through again on this new version (RC3) and it's still present. Providing he has mentioned the banana picker to you (or thinks he has), the following always happens on the "My name's Guybrush. I came here to rescue someone" option:
Well, perhaps I could take you back, too...
...but I've got to rescue the governor, first.
I think she's on that ghost-ship underground.
I told you about them borrowing my banana picker and never returning it, right?
The line in italics makes absolutely no sense in that context, since the ghosts aren't the ones who borrowed the banana picker. I can only assume this happens due to a bug somewhere in Herman's dialogue script - the line is correctly added to dialogue relating to the cannibals, so presumably there's a bug or a wrong reference somewhere that also adds it to the end of this unrelated dialogue.