This is one of those often-covered soundtracks, with "Big Blue" being the most popular track probably. Here's a cover by RichaadEB which features ToxicEternity as well: Youtube. And here's ToxicEternity's cover of Mute City.

The SNES version of the songs are nice, but it's in later editions of F-Zero that the tracks really begin to shine. At the same time, the simplicity of the tracks really allow you to separate the different instruments, where you can focus on the cool bass lines for example.

To conclude, it feels like this OST was basically made for metal covers..here's "White Land" by GaMetal.