As promised, here is the "in-game" mix, using only 5 channels and 8Khz samples. I was going to do 7Khz, but Deflemask doesn't go that low heh... not much difference between 7k-8k, so you'll get a good idea for how it would sound. Lacks a little punch and depth of the full chiptune version, but still gets the point across quite well.
https://soundcloud.com/user-716572978/streets-of-rage-fighting-in-the-street-turbografx-16-in-game-mix
You know, you don't really have to use only 5 channels if you don't want to, if you arrange the song in a
clever way, and by clever way I mean put all of the least important stuff on channel 5 (since you're using channel 6 to play the drums) and just cram as much of the song as possible on channels 1 through 4 leaving channel 5 free as much as possible you can just cut out whatever's playing on channel 5 to play sound effects and then resume playing regular music notes on it when sound effects aren't being played!
That's how I arrange my music on deflemask, I'm always mindful of the possibility of sound effects, even when the song is never gonna be used in a real game, I generally put the bass on channel 1 and the drums on channel 6 and everything else in between...
For example, I can put the lead melody on channel 2, play a power chord on channels 3 and 4, and use channel 5 as just a delay/reverb effect for the lead, that way when I cut out channel 5 for SFX I don't lose any detail in the composition, just some minor effect that wouldn't even be noticed when there's a punch sound effect or an explosion going on!
And if you really need to have a whole lot of stuff playing at once, you put the quietest or more subtle parts of the song on channel 5, you know, the parts that would hardly be heard when a sound effect plays!
Just giving you a few tips, but the song still sounds great even with only 5 channels ^^