There's the static or compile-time linking which is using import libs (*.lib) and dynamic or run-time linking in which you use LoadLibrary and GetProcAddress.
I have found some compatible libraries for BC5.5
http://clootie.narod.ru/cbuilder/index.html. The part that is supposed to be staticly linked is in the D3DX9Sab.dll dll, so that problem would be solved. The import libraries are in Omf format but (I think) VC4 needs the Coff format. BC5.5 comes with a tool to convert Coff to Omf. Perhaps VC4 has something to do it the other way round.