According to the guide provided by Goggles Paesano,link
To fix this problem, follow the provided step below:

• 1. Open the game's installation folder.
  
• 2. Copy the file name "Battlestationsmidway.exe" and rename it to something else, like "Battlestationsmidway.exe.backup"
  
• 3. Find another file in the installation folder named "testapp.exe" and rename it to "Battlestationsmidway.exe" by copying and pasting the name.
  
• 4. Launch the game through Steam. The FPS should no longer be capped.

Please note that after replacing the exes, the game may crash when you and your friends try to play LAN games. (But the LAN games seems not working anyways )

According to the guide provided by RubiSparkle and Goggles Paesano,link
We have two possible ways to fix this problem, follow the provided step below:

• 1. Go to your steamapps/common/ directory and search for "binkw32.dll." We need to copy this file from another, newer game.
  
• 2. Once "binkw32.dll" appears in your search results, choose a newer version and replace the one inside the Battlestations: Midway game folder.
  
• 3. Launch the game through Steam.

If you don't find any other "binkw32.dll" files in your Steam folder, feel free to use mine: GD [drive.google.com]
The file I provided is originally from Left 4 Dead 2.

• 1. Visit this website[www.radgametools.com] and download "The RAD Video Tools", the unzip password is RAD, install it on your computer.
  
• 2. Launch the game through Steam.

• 1. If you don't want to install untrusted programs on your computer, I recommend using the first method and seeing if it works.
  
• 2. I used both methods simultaneously, and it worked for me, so I'm not sure which one actually fixed the game.

According to Haig Dickson's video on Youtube, this video may help.

Battlestations: Pacific has been removed from Steam for some reason, and even the Square Enix official store has taken the game down. Your best option is to search for Battlestations: Pacific Steam CD keys and purchase one to get the game.

I have compared several websites selling CD keys, and I found this one[www.g2play.net] to be the cheapest. This bundle pack includes Battlestations: Midway, Battlestations: Pacific, and two other games, all for less than the cost of a single copy of Battlestations: Pacific. However, it still costs $20 USD, so it's up to you to decide if this old game is worth the price.

You might find a cheaper option on this webiste[www.gamestop.com], but it does not mention whether the game is for the Steam platform of just an offline/ online official copy without Steam.

I bought this game with my friends over the past three days, and we all encountered similar issues, so we did a lot of research to fix them. If you find this all-in-one guide useful, I’m glad to help the community.

Also, if you enjoy naval warfare games, you might like World of Warships, a game made by Wargaming. If you're planning to play on the SEA server, or if you have an existing account there and are considering returning, feel free to use my recruit station[wows.asia] for extra in-game bonuses. After joining my recruit station, comment below, and I’ll send you some free in-game containers.

Thank you guys!