sounds the same for me on munt (real modules have similar problems)
so it is not emulation problem
actually you can confirm that yourself if you play this song in munt player or winamp or gsplay in dosbox (or in gsplay in windows with vdmsound). They all play the file properly
actually I even tried Cakewalk Pro Audio 9.03 and Cakewalk Sonar X2 (build 308) - they have less problems but the most obvious one is still there - the song is played with tempo 100 instead of 120
Cakewalk Pro Audio 9.03 also has like half second silent brakes from time to time (they are visible on tracks graphical representation too)
Though pro audio and sonar play the song more properly if you start the song the second time in the player (don't know why).
So it looks Cakewalk software is useless with mt-32/cm-32l midi files (or i just don't know how to configure it)
It is somehow strange that so popular software is not able to handle popular midi files of that time that are handled properly by smaller software.
Any old Cakewalk user has any experiences from the past?