Okay, here is what I did. Not 100 % legal, but...
I bought the Steam version. Then I installed the game and that DRM Uplay also installed.
Then I registered the game with the key on Uplay.
I tried the TWOS mod with the new Steam fix / 2.2.11 installer (it comes with the installer)
Sadly the game was too full of bugs and glitches for my enjoyment.
Then I just downloaded a ISO file / DVD rip from the original (just search for "Silent Hunter 5 torrent").
The installer should not have "gold version" anywhere on it, since then you are 100 % sure it's a rip from the original dvd.
Install the game normally. Don't apply any patches / cracks that comes with the torrent.
go to the game folder: silent hunter 5/support/gameupdater/ and run the program GU.EXE
Then the game will be patched to 1.2
The game works fine with Uplay since Uplady doesn't care what version of Silent Hunter 5 you have as long as you have registered the key.
Run the game once and make sure it says 1.2 up in the corner.
I also run a single mission just to be 100 % sure
Then exit the game and install the TWOS 2.2.11 installer.
And READ THE PDF install tutorial (link from where you download TWOS on subsim)
You must read everything that is in the PDF tutorial or else you will ******** up since there are some small details there that is very important
Did I notice any difference? lol, not really
Game is still glitchy and buggy but I at least know now not to run timecompression over 512.
And if you are close to land lower it. And close to very big cities / harbours = x32!
Also run the game with administrator rights on and DPI off.
With my new install I also unchecked "run in windows mode" in the in game graphics settings. Not sure if that helps, but the game runs a bit smoother.
Happy hunting