I'd experiment with Posterize Time to get the low-frame rate look; seems that most of the CD-ROM games with video had frame rates of around 10-12 fps. Posterize Time will let you achieve that pretty easily.
Instead of Noise, try Mosaic with the block count sent relatively high. Use Posterize to create the color banding. You might have to experiment with the order of the effects, and also the level to which they are applied. A color correction effect as the last step would be necessary to get the desaturation you're probably looking for.
Another quick-and-dirty way would be to export your sequence using Microsoft AVI as your Format, with Microsoft Video 1 or Microsoft RLE as your codec. For MS Video 1, click Codec Settings and turn the "Temporal Quality Ratio" down a bit, and for both codecs, decrease the Quality slider. Set your export frame rate to something that is 1/2 to 1/3 of your original sequence frame rate. That should create a pretty schmeggy looking file Again, mix-and-match to get your desired look, but this might be the easiest way to do this--these videos would have used codecs like this (Cinepak was popular, too).
thanks! that was basically exactly what i was looking for. i've never used the posterize filter, so had no idea what it did one i added that, it pretty much popped into place thanks again.