Releasing the music patch as a tool was always on my agenda. I didn't think it would be right to distribute a hack like that.
I've found someone at GOG forums that may be interested in ripping the tracks. He's already done a complete (but somewhat rushed) rip of MI1. He's asked me about the new iMUSE, but I'm not really sure about this:
Do the new soundtrack layer tracks on top of each other or fade between tracks?
Anyone got any ideas on that? I'm really unsure how music fading works in the SE.