The default plugin for 1964 hasn't been devloped as far as others have yet. Get Jabo's D3D 1.30 Plugin to run F-Zero with almost no errors.
To get it, download and install project 64, then open the plugins directory in project 64 and copy Jabo_Direct3D.dll to the 1964 plugins folder. Or just use Project 64 :>
Btw, I believe this info can be found in the readme file, also :/