Try this variation.
If you need to make changes, or want to know "why?", "how?" or even "WTF?!!?!",
then just ask.
Code:
///////////////////////////////
#include <acknex.h>
#include <default.c>
///////////////////////////////
//BMAP* backgroundpergament_tga = "backgroundpergament.jpg"; // background image 800x600
BMAP* transparentbutton = "#210x40x32";		//create temporary black image for button
FONT* normal38_font = "Arial#38"; // was using a cooler font here
FONT* medium44_font = "Arial#44"; // but it's uncommon so changed
FONT* large50_font = "Arial#50";  // it to standard boring arial...
////////////////////////////////////////// START ///////////////////////////////////////
PANEL* start_panel = // the first panel. will show at game start up
{
	layer = 1; 
	pos_x = 295;	pos_y  = 250;
	size_x = 210;	size_y = 440;
	button (0, 0  , transparentbutton, NULL, NULL, NULL, NULL, pulsate_text);
	button (0, 40 , transparentbutton, NULL, NULL, NULL, NULL, pulsate_text);
	button (0, 80 , transparentbutton, NULL, NULL, NULL, NULL, pulsate_text);
//	button (0, 120, transparentbutton, NULL, NULL, NULL, NULL, pulsate_text);
//	button (0, 160, transparentbutton, NULL, NULL, NULL, NULL, pulsate_text);
	flags = OVERLAY | SHOW;
}
TEXT* pulsatingtextpointer2 =
{
	font = normal38_font;
}
TEXT* newgame_txt =
{
	pos_x = 400;	pos_y = 250;
	layer = 2;		font = normal38_font;
	red = 255;		green = 255;		blue = 190;
	string = "New Game";
	flags = CENTER_X | CENTER_Y | SHADOW | SHOW;
}
TEXT* loadgame_txt =
{
	pos_x = 400;	pos_y = 290;
	layer = 2;		font = normal38_font;
	red = 255;		green = 255;		blue = 190;
	string = "Load a Game";
	flags = CENTER_X | CENTER_Y | SHADOW | SHOW;
}
TEXT* options_txt =
{
	pos_x = 400;	pos_y = 330;
	layer = 2;		font = normal38_font;
	red = 255;		green = 255;		blue = 190;
	string = "Configuration";
	flags = CENTER_X | CENTER_Y | SHADOW | SHOW;
}
////////////////////////// FUNCTION MAIN /////////////////////////////////
function main()
{
	video_mode = 7; // 800x600
	mouse_mode = 1;
	wait (1);
	while (1)
   {
      mouse_pos.x = mouse_cursor.x; // need these to move the cursor
      mouse_pos.y = mouse_cursor.y;
      wait (1); 
   }
}
//////////////////////////////////////////////////////////////////////////


function pulsate_text(var butt_over, PANEL* this_pan)
{
	proc_kill(4);
	newgame_txt.font = normal38_font;
	loadgame_txt.font = normal38_font;
	options_txt.font = normal38_font;
	wait(1);
	//
	TEXT* this_text;
	switch(butt_over)
	{	
		case 1:		this_text = newgame_txt;
		case 2:		this_text = loadgame_txt;
		case 3:		this_text = options_txt;
	}	
	//
	while(1)
	{
		this_text.font = medium44_font;
		wait (-0.2);
		if(mouse_panel!=this_pan)	break;
		this_text.font = large50_font;
		wait (-0.2);
		if(mouse_panel!=this_pan)	break;
		this_text.font = medium44_font;
		wait (-0.2);
		if(mouse_panel!=this_pan)	break;
		this_text.font = normal38_font;
		wait (-0.2);
		if(mouse_panel!=this_pan)	break;
	}
	newgame_txt.font = normal38_font;
	loadgame_txt.font = normal38_font;
	options_txt.font = normal38_font;
}



"There is no fate but what WE make." - CEO Cyberdyne Systems Corp.
A8.30.5 Commercial