i consider it a VGM related instrument - absolutely - i used to have one... they're awesome - in the same league as the Yamaha FB01 unit - you could technically modify your MT32 to have a non-volatile RAM chip so that turning it off would not erase your patches - altho i have never attempted this trick
so... is it chiptune? not really... but that doesnt mean you wont get street cred for using real VGM hardware
What program do you use for your FB-01 jams?