With a tracked format you can easily beat 1:2 lossless compression. A MOD recorded to WAV and compressed with, say, FLAC would be much bigger than the original MOD.
This is why I don't believe that the 1:2 ratio is dictated by nature, as bubblebobble claims. People simply don't know how to do it yet, because WAV to tracked format conversion isn't exactly easy to write, especially not without neural algorithms.
Ok, now I get you. Theoretically, assuming you could perform the required convolutions to identify the individual components, this might work for a piece of music where each "channel" is played by some easily identified oscillator function (square wave, sine wave, trinagle wave). You could then translate to a format that describes how those oscillators are played over time (pitch, volume, pan) in order to be able to reproduce it using those same oscillator functions. What you have there is something like your SMF (standard MIDI file) format.
However, real music produced on real instruments does not follow this paradigm. An individual instrument can produce a near infinite variation in tonal quality depending on how it is played, never mind the complexities added by production effects.
There are only two real analysis you can do with a recorded waveform in PCM format:
1) Analyse the sample data in the time domain.
2) Perform discrete FFT to convert into the frequency domain and analyse that.
In either case, you can perform an additional analysis based on the known effects of human audio perception and head related transfer function.