Hmm you're right! I always thought you get silence, but now that I actually played through a level apparently it's just that many of the sound effects are missing in PC-speaker mode.
I believe I only got the following sounds:
-exiting
-exploding (the sound after the oh-no which is missing)
-skill selection
-last 3 build brick warning (same sound as skill selection it seems)
I don't know if I miss a few others but that's all I heard so far. Sound effects for things like entrances, traps, water, etc. are all missing it seems.
So my suggestion still holds: it's probably easiest to just capture via DOSBox these sounds as WAV files. That way the difference between adlib and PC-speaker (plus whatever else is supported) is simply using different WAV files.