OK, I initially thought this was an instrument initialization problem. Instead, your case is doubly unusual...
First, your binary for the code has a single byte that has been zeroed out (meaning it's technically corrupt), causing the program to stop in its tracks later on due to a STOP opcode being encountered.

Second... I'm wondering how this was compiled. Normally these files compiled ready to play, but this one wasn't. So I hacked it to get it to play the song, although it has a suspected fadeout bug (notes have a tendency to instantly fade out if a non-zero value is used, although I'm not sure if this one is actually directly at fault).

So here's a version that at least plays the music for now.
https://app.box.com/s/inymtfu5d7wezjexmfwp8j3nisshsr10

Even that file doesn't play in spctool for me, but I'll replace the spc. You've fixed every single one of my broken-ass spcs, kff, you're a lifesaver. I swear all I did was run it through smconv >:V

I think the fadeout thing shouldn't matter because there are no note fades in this song.

The SPC I created worked in Game Music Box and bsnes-plus.

Made a second version that fixes the fadeout problem (for whatever reason, probably in both the original module file and the conversion, I was getting a fadeout value of 2).

https://app.box.com/s/d3fzwdlgf43l76ckzi7h8br49wg0e8d4

there's still a number of inaccuracies in here, especially when it comes to portamento, but I'll take it over nothing. Appreciate the help! I'm pretty sure I'm never using smconv again.

Technically... it's the 12/17/2017 Augustus Blackheart build.