I don't know much about Virtual Boy hardware, but it does seem to be capable of pumping out some groovy tunes in the right hands, and you used it well! A lot of chiptune music can sound muddy and indistinct when it isn't composed effectively, but you gave the tracks memorable melodies and layered the harmony and bass sounds in that tried and true synthwave fashion that's so easy on the ears. The pulsing rhythm made a big difference, as well, and the drums sound surprisingly good. The main theme got a tad repetitive for me by the end, but I think that's just a product of listening to it on its own -- if it were in-game during an arcade racing segment, as you say, I probably wouldn't notice, and in fact it might be preferable that it stays relatively consistent.
Very nice work and awesome effort breathing life into a less-commonly used sound chip!