Yeah, if you like the original chip tunes than just play the hucard version. But if you want an alt sound track, just replace the wave files with whatever you want. Maybe arcade FM music? Maybe a hybrid mix of FM and the PCE chiptune? The Spice Girls Rtype mash-up? The possibilities are endless.
Though one word of caution, some games use different ways of playing CD audio. Some use track #'s and some (for whatever stupid reason) use direct sector offsets at the start of the track. If it's the latter method, then you absolutely need to make sure the wav files (or time) exactly matches the originals. If it's the first method, then it doesn't matter.