That's a bit disappointing. At that point, I'd wonder why you would even throw in the word N64 in front of it. :/ If the shader will be at all similar to Grim's solution, then all we're left with is a modern game with simple lighting. Hardly N64-like.
In this case, I don't see lower music worth it in any form either. Even if the N64 Shader worked miracles, I'd only support a second set of music if enough people wanted it--which doesn't seem to be the case