OK, with the advent of 1.1.2, we now have a FUNCTIONAL mod loader page for Ultimate, which can be found here: Super Freaks 1 Ultimate Edition | SF1UE | Mods & Resources (gamebanana.com) In addition to this, there's been some freakloader changes and bugfixes; notably, you can now add multiple sound effects to your character, namely jumping, falling off a cliff, and dying.

As a bonus, Shipwreck Poopdeck has a melody now, and there's a special victory theme that plays when you beat Kranion. Thanks phil!