Hey always nice to hear an attempt at a remix of the 8-bit Sonic game. It was my first Sonic, so it always holds a special place in my heart. I think you have a good start here, but that's all it is, a start. You really need to build on it more, and add your own flavor to it. As it is this is just the basic theme from the Bridge Zone looped over and over again, and all it's doing is bringing back the frustrating memories of act 2 where you have to go as slowly as the moving camera (always hated those stages in platformers, it especially made no sense in a Sonic game where you were supposed to go fast!)
Anyway, like I said, it's a nice start, but it needs a lot more before you're done with it. Good job so far!