Good attempt, but just a little short.

EarthBound is one of my favorite games, partly because of its great soundtrack. You get props just for making this. ^^

Now, about the song:
I think this track would be great if you did two things:
1.) Nail the melody notes a little bit more
2.) Figure out the chords for the song and make the strings span the entire chord instead of just one note of the chord. It will add more depth to the song. (Dunno if that makes sense, but whatever.)

However, I liked the instruments you chose.

Overall, not bad, could be better.