I started trying this game a few days ago, partially to test myself and partially out of a desire for revenge against some of the more annoying puzzles. This is mostly a test run to get a feel for the game, so there are several places that could use much better optimization. This will not be the version I submit.
http://dehacked.2y.net/microstorage.php/info/4012/Lost%20Vikings%20II%2C%20The%20%28U%29.smv
A few general notes:
* On a few occasions, I trade all of the necessary items to Erik. This is because he will reach the end faster, and the level won't finish until the items finish spiraling.
* I don't know the fastest way to swim, or the best way for Scorch to ascend. Memory watch could help with that, but the relevant addresses elude me.
* I only recently learned how to switch the focus to the second player, and there are many places that that could save time.