Dear Phonograph
At this point, let's say that getting the required license for a recording and its arrangements is always tricky.
Staff and start-up supporters of VGM Classics and I have already done a lot of homework, asking permissions, negotiations, contacting required parties etc, and that is why we have pretty good numbers of titles listed as "possible" here already.
But unfortunately, this particular game is a bit different from Terranigma, Soul Blazer, and perhaps ActRaiser 1. Though I should not say in what way it is different, let's say that since VGM Classics has started to do more research, let us give a bit more time on this.