My 3rd computer was Amiga 600 (1st - Meritum-1, 2nd-Atari 65XE) and it was great, but it outclasses 8052 by far. (note the Motorola instruction set is far more efficient than Intel instruction set. 8MHZ Amiga can easily do what 33MHZ 486 has a hard time doing)
But MOD is a pretty simple format, the only problem would be memory and I/O fast enough I think - the "tracker" command interpreter shouldn't be hard to write, the samples are uncompressed. Generating synth sounds might mean some trouble. Ah, and a little specifity, some modules used 2 out of the 4 audio channels, connected, to generate 14bit sample rate instead of the default 8. Getting that to work might be tricky.