Now we're going into the subjective. I personally loved that theme song in Knights of the Round, loved the game as well. There's nothing technically wrong with that composition. I'm speaking about square sound waves sounding bad in the lower frequency range as something technical, not a personal preference.
Check this genesis cover of actraiser. It's pretty good imo
another green lantern to compare to vapor trail (it's not the same style, but it's good shit either way)
Oh yeah, I just remembered this snes vapor trail cover
(So, for some reason soundcloud embedding isn't working and it automatically tries to embed the link, so I'll just link the search)
It's not supposed to be just a cover of the genesis version though, he incorporated elements from the arcade version too.