I've been tempted in the past to step it as well. Despite the fact that it takes a long time to pick up and lend itself to an interesting chart, it would at least be a fun exercise to do for the hell of it just because Dancing Mad is awesome. Aside from the fact that different passages run at different tempos, a lot of the driftiness is accounted for by the hardware (SPC-88) SNES music is made on. With enough dedication, I could still manage to sync it, but whether or not it would be worth going the full 9 yards is a different story.
I think a better alternative would be the speed metal arrange that Akineko (aka AKHT) made:http://www.youtube.com/watch?v=D2GjnT1ax9k
EDIT: Wait Steve, is this version the one used in Delta? I don't keep up anymore.