Man, do I love some FF7.
I'm pretty sure you skipped some notes in the part with the arpeggio - the original's in straight 4 and this seems to be more of a 7/8. Which is an interesting idea, still.
I fixed it in frame 01 (and 03) and left it the same in frame 02 (and 04 and 05) to show the difference. I did have to add extra rows on to make it fit and add in some row skip commands.
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Fan of:
Cave Story, Mega Man X, MOTHER 3, Star Fox 64, Super Metroid, Shining Force.
Classic SEGA, Treasure, Square, Falcom.
Various roguelike RPGs and shmups/bullet hells.
Damn, that's nostalgic. The cover's a good start, but it is missing stuff here and there (like the percussion which you've previously acknowledged). Attached edit with modifications to a few things that might help (though it's more likely a sloppy lateral move rather than a step in the right direction, heh):
Fixed a few harmonies, added missing harmonies and bassline to the piece. Fixed weird time signature stuff in some frames (as far as I can hear the piece stays in "power-of-two" time the whole way). Did some channel balancing stuff, changed some volume envelopes a bit. Made a vague approximation of the percussion (which is missing the kick drum because I'm bad...).
EDIT: Oh crap, recolorme did something before me. Welp, guess that's a fork for this track that messes everything up more.