In FL Studio you can use a plugin called Fruity LSD to playback a dls soundbank created by VGMtrans. To make the dls get a hex editor and put both the psx vb and vh files from a .lvl together, then import using VGMtrans, right click on the sound bank in the file list and export as dls. It's a bit buggy you might have to try a couple of times but it should work.
Then just import the midi into FL Studio and just load up the DLS file into Fruity LSD. Then you should hear the game music played back perfectly.
Edit: Here I've put together R1 from abes oddysee psx. Just open it in FL Studio
http://www.mediafire.com/file/lz79j5..._Fl_Studio.zip