I'm somewhat puzzled... if these new channels, new panning features, repeat/looping etc are meant for mods, who's going to write the new trackers and replay routines? Further, what will convince any tracker musician to create mods using this specific tracker program / mod format?
IMO it still would be smarter to keep the old audio hw as-is (wrapped to use the new HW obviously) and add the new stuff as common audio hw, with high quality audio output (say 8/16/24bit, 11/22/44/48 kHz, mono, stereo, 5+1, 7+1).
New trackers can use the HW thru AHI (OctaMed SS, DigiBooster, HivelyTracker etc).
If the old audio HW wrapper stuff is implemented too, you can use older trackers such as noisetracker, soundtracker, protracker and so on.