Here are the changes I had to make to get FTGL to build with VS2003.
I would submit a patch to the project file myself, but I'm concerned I would change something unintentionally.
The build couldn't open include file "freetype/config/ftheader.h", so I had to add $(FREETYPE)/include/freetype2 to the additional
(Could not change $(FREETYPE)/include to $(FREETYPE)/include/freetype, because
then we couldn't find <ft2build.h> which is in the include folder by itself.)
Also had to change Linker / Additional Library Directories from $(FREETYPE)/objs (which doesn't exist)
And, in Linker / Input / Additional Dependencies: had to change freetype234_D.lib to freetype.lib