Dash, my initial attempt with the *ORIGINAL* SFC 1 CDs did not work.
However, I forgot I had gotten my kid (who isn't anymore, who hasn't played it in more years than I care to remember, and who won't even look at any SFCs anymore) SFC 1- Gold Edition. I scrounged the CD out from under a pile of forgotten (most of them rightly so) game CDs, and thought, "What can I lose? At worst, it just won't install."
But it did, although I appear right now to be limited to 800x600 resolution. I suspect that the coding for the installation of the game is definitely different, or rewritten, between the release of the original, v. 1.00 (or was it 1.01? It's been way too long) and the Gold Edition, which is v. 1.02.01.
PM me. Maybe it was Microsoft that tweaked Win 8 in some update. I can't be sure, though.