Going by that log, it looks like you installed TBP using the DVD or one of the other installers.
That version of the game ships with an old and very much outdated engine; It is possible, even likely, that most of your issues can be fixed by updating to that. Please look at this topic
and download the mod pack linked there. Then, head on over here
and get the new executable for the engine and the Launcher. Put both into the TBP directory, and delete the old ones. Then use the new Launcher, set the Zathras mod pack as the active mod, and launch the game.