UGH that would have been perfect, totally forgot that was even in the soundtrack. Maybe in the sequel, heh.
Decided to poke around the directory a bit and "fixing" it turned out to be easier than I expected. Transcoded the 8 bit version of Mysterious destiny to OGG and renamed it to Hiroshi_Yamaguchi_-_Theme_Of_Bayonetta_2_-_Tomorro.ogg, and then dropped it into the folder.
ogg is just a container. The main advantage it has is that most of the formats it uses compress well enough, without being encumbered by patents and licenses unlike MP3. Wav is uncompressed, and as such takes up way more space than necessary. In most cases, humans won't be able to tell the difference between the lossless format and a lossy one, so it makes no sense to bloat release sizes with uncompressed/FLAC-like files.