Well, apparently they ARE using some sort of MT-32 emulation for classic mode instead of Adlib emulation. I'm quite impressed. It's not of the same quality as a real MT-32, however. Maybe they're using some kind of soundfont system? Also, they claim that full-working iMuse is present with the digital recordings. I'm quite excited.
Some of the latest videos:
Gameplay demo at E3 abooth - The game in action, some features explained.
Featurette with interviews with the creators of the remake and the original (Ron, Tim, and Dave) - Despite the Woodtick sequence here not being in iMuse, the developers said that the music for this video was just pasted in for thematic effect. The final game does indeed have the fully functioning iMuse system with live recorded instruments. I can't wait to hear it.
Teaser Trailer - MT-32 emulation music in classic mode featured.
Sadly, it still doesn't seem like the original introduction/credit sequence has made it into the remake....hopefully it's still there when you first run the game or something.