yes, but it's not scene-music 
That's to be the official rule, the to-be-remade tune has to originate from a composer from the msx-demoscene, for example from musicdisks, diskmags, picturedisks, demodisks etc. Ofcourse a cover by such a composer isn't really valid. So you can't for example cover my 'Five Circles' from Muzax 3, since that's actually Vangelis' music. It has to be original music..
That's the problem I had when going through Impact's disks 
Even Copy=Crime has ripped melodies from Commando 
but where do we draw the line? In that event, it was a small part of existing melody incorporated in a completely different song.
Let's first setup some idea of rules:
- you may use all the audio-equipment you have or can hire
- only fully original songs by msx-scene-composers, no partly covered or fully covered songs by the composer you choose.
for example, on Muzax3 you can find "Aurora Borealis 2", but it's partly based on Mike Oldfield's Tubular Bells 2, so you can't take that one
- remakes of scene-games are ofcourse allowed (think ANMA, MSX-Engine etc.)
- if tunes originally loop all the time and don't really have an ending, you may compose an ending for it (try to stick to the style for best results)
perhaps more rules will follow 
Can we hire your equipment?
Nooo, not my toys! They're my toys, toys! What do I have to play with then eh, a Pooh-bear?
uh yeah sure.. I was already having 3 tunes in mind
And the reckognisable thing: sure. You usually see remixes of songs with 1 bar copied, and the rest being dullness. The idea is to recreate old tunes more or less in the same way we're already doing for the past few years with gametunes.
So it's really like doing gameremakes.. except that this time we pick tunes from the scene, probably from ppl we know.. that's the psychological aspect of it.. Japan with its games was always so far away, this is now very close!
Let's first setup some idea of rules:
- only fully original songs by msx-scene-composers, no partly covered or fully covered songs by the composer you choose.
for example, on Muzax3 you can find "Aurora Borealis 2", but it's partly based on Mike Oldfield's Tubular Bells 2, so you can't take that one
Damnit.. I was thinking of remaking Impact's The Ant profile BGM, probably my all time favorite msx-scene tune... but it has a pinch of Nemesis in it :'(
Or are we bending the rules on these kinds of little 'feature' melody-lines embedded in an otherwise totally different song.
I've been thinking about another possible rule, but it's kind of sucky: You're not allowed to remake one of your own songs