So, the game won't work from the steam launcher that launches the FFLauncher that launches the game. You'll get the message that it can't find Space Colony.exe. I found that if you launch the game manually from the WINEPREFIX that steam sets up by browsing to the Space Colony.exe, it works! I haven't played it much yet, but I get audio and everything so far seem to be working!

The steps to get it working would be:

1. Open terminal
2. WINEPREFIX=~/.local/share/Steam/steamapps/compatdata/297920/pfx wine explorer.exe
3. Browse to and run (double click) the Space Colony.exe location in Z:~.local\share\Steam\steamapps\common\Space Colony\Space Colony.exe
4. DONE!

Note: In the wine prefix when you are browsing to the game exe '.local' is a hidden directory here to and you'll have to type it up in the address bar, but one you do that you should be able to browser the rest of the way to the Space Colony.exe.