Hi, I have been working in the past days on a N-SPC importer derived from Romi's addmusic (mml -> SMW n-spc tool).
I did a similar thing many moons ago for the Mario 64 music format, but in that case mml was a bit too limited for it. For SMK, so far the results are very decent (for testing purposes, I am mostly using the custom music archive from SMW Central).
I have also written a simple "inserter" that will compress the tracks (using the Lunar Compress DLL) and insert them at the right spots in the ROM, though there are still some issues to fix (ie, move data around to avoid overwriting stuff when inserter data larger than the original).
Thanks MathOnNapkings for all the information posted, it will sure be very helpful! Also thanks Dirtbag for a lot of help concerning basic SNES stuff

, seems like pretty soon there will be some very nice complete SMK hacks around.
Here is an very early test:
http://www.youtube.com/watch?v=T82Dw0A_mCg