I know, and upstream does not have plans to support i386 (32-bit linux) anymore,
there's a small note in debian/rules
#       i386 needs -msse2
#       bash make-linux.sh

which allows you to build it 32-bit with SSE2.

If you really want to run this software on such old hardware, get the original fasttracker2 from pouet.net and run it on FreeDOS (16-bit os) or Reactos (single cpu, 32-bit windows clone)

Best,

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