I have a MV-1 board and it would work fine until I got to the mini boss and it would reset on me. I tried it several times and I couldn't get past it. That was enough for me, it was ROTD all over again. So, I went out and got me a 4 slot and I have no problems anymore .
Works fine in my MV-1 with UNI-BIOS, but in my other cab with a MV-1F with english BIOS the sound effects stop working about half way through the game. There is still music, just nothing else.