Replacing the soundfont works (or editing the .ini)
Sadly it does not produce the same results as when using an external MIDI Synthesizer since they use the Roland Mix and not the General MIDI mix. Roland is not 100% compatible with MIDI, that's why the original game had two separate entries. It uses different instruments and different volume settings.
Would be cool if a mode was added to use the original GM mix and use a external device like VirtualMidiSynth.
Btw, I tried the Timbres sound font and ... no, don't like it. So far I had the best results with HQ Orchestral v3.
Arachno is ok, but it's synth instruments (and sadly DF uses these in the Roland Mix instead of the standard instruments) are TOO synthesizer..ish.
Despite these shortcomings I enjoy playing the game however.
xman1: Note their may be some help for you. The Force Engine is going to support the remaster and you can load any midi you want into that.
This is excellent news!
I hope that the remaster contains both Roland and MIDI mixes, so we can get the original MIDI music back.