A real MT-32 is golden. Nothing can replace it, though the recent latest version of MUNT is the closest it's ever been to perfect MT-32 emulation. Luckily I have a real MT-32 anyway. But it's handy for ports like the Wii version to have MT-32 emulation. MT-32 is always better than any General MIDI device (SC-55, Roland VSC, Yamaha softsynth, etc) if the game was written for the MT-32.
I also have a CM-500 (MT-32 and SC-55 in one box). That's quite handy. Though the MT-32 device is a little different than a standalone (vibrato is a little excessive and some sounds are synthesized differently).
"Booyah! Look out, LeChuck! Here comes Guybrush Threepwood's glowing sword of hot monkey vengeance!"
-Guybrush Threepwood, Tales of Monkey Island