Without knowing what the actual problem is, its impossible to offer any advice. When quoting errors it is important to quote the exact error message.
"Something like 'it is not win32 application'" is not precise enough.
This is also not a Ghostscript question, because 'mgs.exe' isn't Ghostscript, its clearly a fork of some kind.
My guess is that its the fact you are using an ancient version of Windows, most likely the application is no longer compatible with such an old version, possibly because whoever built it is using a newer version of Visual Studio.
In order to build Ghostscript for Windows XP I think you need to use Visual Studio 2005 or earlier, a more recent version will create an executable that will not run on Windows XP.
The only solution to this would be to build 'mgs.exe' with an older version of Visual Studio, or try the pre-built executable 'gswin32.exe' which is available from the ghostscript.com website in the downloads section. Obviously that's not the same as mgs.exe, but I can't help you with a fork since I have no clue what's been done.
The first thing to try is running 'mgs.exe' from the command line, if that fails to work then its almost certainly because the developer who built it used too recent a version of Visual Studio.
If this is the case then no, you can't fix it within Windows XP, you need to do one of:
1) Upgrade to a newer OS
2) Downgrade your MikTeX and live with the older version until you are prepared to upgrade your OS.
3) Rebuild 'mgs.exe' yourself using an old version of Visual Studio. This could be challenging because I can't find anywhere on the MikTeX website where they make the source files available. I've been to their Github repository and I can't find anything from Ghostscript there either. I'm going to have to contact the developers, they are not using a stock version of Ghostscript, they do not appear to make their revisions available, ansd although they correctly reference Ghostscript as AGPL I cannot see anywhere in the install or their Github repository which lists Artifex as the owner or points to the Artifex website. They also don't copy the Licence or readme files (slapped wrists for them).
I was going to try using the regular Ghostscript instead of the modified version, but I don't have know anything about MikTeX so I have no way of testing whether that works. It looks to me like it probably would, since it appears that MikTeX forks Ghostscript as a process. So copying and renaming the 64-bit Windows version of Ghostscript's binaries would probably work.
As you note, the developers state themselves that they no longer support Windows XP.