You're right, epic_caterpillar! The song does play on SNES9X. The reason for this is memory wraparound back to zero (as I mentioned before, the instrument pointers are all $FFFF). This is where my default player, Game Music Box, fails due to a failure to emulate memory wraparound. Well then song will work on real hardware given the wrap-around effect (as well as lupe's), but that song has a panning bug (it's overly concentrated on the left side since now you're looking up data at $0000 in SPC700 RAM, which may as well be modified in real time by the program itself, meaning there can be trouble in the instrument data), and you can only have one sample playing (lupe's song demonstrates a second bug). You are spared from more extreme glitches because the echo buffer stays away from the last 256 bytes of SPC700 RAM. Actually, the only extra glitch that would be apparent would be the fadeout value. That's zero by default, and SNESMod automatically fades out a note when it begins to play. In this case, your notes would fade out or borderline not play at all had the echo gone all the way to the end of the buffer.
Huh... unusual for my taste, but still impractical due to the limitations that occur (especially the one sample limitation). The glitches that occur due to failing to initialize instruments are not my style at all...