A bit unpolished, but some good basic ideas
The biggest uncertanity in this song are the drums which doesn't evolve at all during the progress of the song. I would like to see more fills than just a crash-cymbal playing from time to time, and if you really want to go nuts with the 8-bit Idea, delve deeper into tweakbench's tools and use some Toad, or do own drums using white noise available in the 3xOsc (if you're using Fruity Loops).
About the melody, you definitely has something going on over here, but I would take it one step further and add mean 8bit arpeggios here and there to make it sound more dynamic, and also add a section with a different comp, because as it is now it sounds pretty repetative. I can see you have some good ideas in this song though, and I was able to listen to it numerous times making this review. Have fun making music!
Haha very cool!
Nice work, very retro sounding! There are a few spots that don't sound quite authentic to me. The latter parts start sound like candy trance/pop that was ported to the Nintedo system. I'm not sure if that's what you were after, but you may want to simplify parts of it to give it a more genuine feel (I'd look at 0:30 onward).
All in all great work, very fun idea!
If you have the time, I'd love your input on my latest track, ST Suspense!
tis sounds like a mario and zedea remix