@Maijestro
I have updated this archive:
http://capehill.kapsi.fi/mt/MilkyTracker-SDL2.lhaDebug binary has serial prints which should be visible with sashimi or dumpdebugbuffer command.
It turned out that SDL2 doesn't actually have all required pixel formats so framebuffer code now uses always 32-bit ARGB bitmap and lets the OS do possible conversions to the desktop format.
Side effect might be that even LiteXL starts to work better on 16-bit screen but it's just because it gets lucky. It should still verify the destination format.
I will update SDL2 archive later if this works OK on QEMU.