Once you start emulating an MT-32 on a SCC-1 you will hear a profound difference with a LAPC-I. But that is because they have different wavetables.
There's much more than simply different wavetables. In fact, the MT-32 doesn't use wavetable as its only method of synthesis, as it also has digital waveform oscillators (sawtooth and pulse). The MT-32 mode of the Sound Canvas and other synths/soundcards simply emulates the presets. But most games use sysex data to modify parameters and/or create entirely new sounds on the MT-32, so many times the MT-32 emulation is pretty useless.