Started talking about this same arrangement in the "MIDI-Music-Option?" thread here: viewtopic.php?f=4&t=1170
I think it's a marvelous arrangement, and would work great for the N64 shader, whatever that ends up being. However, I won't expect Grant & them to recompose everything into this style just so that a few people can listen to this instead of their glorious orchestrations. I'm sure the modding community will step up to allow you to put fan arranged chiptunes in, though.