Old thread, but I'm looking at a video of this game and I'm starting to think the sprites are from some fighting game, most likely KOF. Think about it - Mulan has this weird idle animation that reminds me of fighting game sprites standing still. She also has a very small walk cycle (typical for fighters) plus sprites for attacking with her sword, that weird flutter thing she can do (don't know what they used for that) ones for climbing sideways and for climbing upwards (which is probably an edited uppercut)
These sprites are larger and very different from Hercules 2, wher Herc has no idle animation and all the enemies are from Aladdin/II. The question is what characters are these sprites edited off, if they are at all?...