(WARNING: Descriptioncore dead ahead!)
I guess so... but in my case, you would most likely get a Quicktime render (or some other attempt at a render that wouldn't involve soundfonts). Plus, my MIDI files were directly exported from Schism Tracker at first (I didn't know of the IT to MIDI conversion utensil by iamgreaser), and I realized of a fatal flaw in doing that: the MIDI files would have volume 0 commands in the hex files. Not fatal for Quicktime, but it causes very quick fades in other MIDI synthesizers. Thankfully I came up with a hex solution, although it was still nightmarish to carry out. Actually, testing the MIDI in real time was problematic, even when switching to Harmony Assistant. I had to set up the MIDI output each and every time I booted up the program. I had SimpleSynth to act as MIDI output. I never found out if my one and only attempt at a grand re-entrance was successful or not because voting never commenced during that particular compo (I even recreated the song in Schism Tracker, no MIDI importing required, just so I could have a song that could be consistently listened to). I'm still very nervous about making one in the first place... even with a render, it's only a single MIDI player's output, and the vast majority of the time it is Windows' generic MIDI player (which I can psuedo-emulate in Quicktime, although that's already backfired once). I also keep thinking of GS (GM is the default set, GS is an add-on), mainly for the extra sounds. XG, on the other hand, is a no-go (although I have a soundfont to kind of get away with it).
Oh, and what seals MIDI's fate for me is that what you have listed as an acceptable format is "Microsoft GS Wavetable SW Synth". I have the same thing (Quicktime), only slightly glitchier.
I am now aware of greasemonkey's it2midi utensil, although I'm not sure if it can process more than one note per "MIDI channel". I'm still interested in pulling that one off, and both Schism Tracker and Harmony Assistant can do that.
Honestly, I feel my time is better spent with other formats these days... at least playback is not so inconsistent.