Considering the V roms are just sound samples and the M1 is the "music player" code for the Neo, you would need to create new sample roms and then sequence new music tracks. Then, figure out how to get that sequence info into a suitable format for that specific game's music driver.
If you want to experiment with this sort of thing, you can download MVSTRacker from
www.neobitz.com
Of course, the music routines in SNK's games are more sophisticated, but you'll get the general idea of creating FM instruments. I haven't used MVSTracker in some time -- I'm not sure if it allows you to play samples during FM sequences.