While it's an interesting idea, I feel that chiptune just doesn't really fit with Midna's Lament. I don't know; I might be listening to it from the wrong angle. I'll give it a long listen and see if it'll grow on me over time.

What works is the bell-like instrument. If anything, it fits the mood the best.
What doesn't work is the instrument that replaced the piano. I can't explain it, but it feels... weird. In some places it feels like it gets cut off. I wish I could give a better in-depth analysis of it, but I just can't shake this feeling that it doesn't belong.

Overall, it was a good attempt at making a modern Zelda song sound like an authentic Famicom composition. I believe these four stars belong to you, good sir.