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Probably Over Horizon by sheer virtue of it being an unheard-of game so few people have even heard its music. Not only is it one of Masaharu Iwata's best soundtracks but the sound quality is astounding.

Oldschool shooters in general are somewhat-underrated for soundtracks. Usually when topics of great videogame music come up, the majority of the discussion will go towards RPGs, Castlevania games, the Mega Man games, and the Donkey Kong Country games, which are all deserving, but many shooters are just as much deserving. A few examples: Dragon Spirit, Gradius 3, Life Force, Raiden, Axelay, Zanac, Thunder Force 3.

SaGa Frontier and Legend of Mana would get my votes for most underrated RPG soundtracks in the sense that they received a lot of negativity from reviewers. Although they're both kind of strange in that they misuse their music in such a way that I can understand why someone would come away from them unimpressed. Other RPGs I think have underrated soundtracks would only as a result of the entire game being overlooked, (just like with Over Horizon), such as Magic of Scheherazade or the NES version of Might & Magic.

I used to think Secret of Mana had an underrated soundtrack but I think I was just being skewed by the amount of N-Siders who didn't like it because it wasn't Xenogears or because "Seiken Densetsu 3 has much better music" (which it doesn't). It seems like people elsewhere actually do like it.

I'm also not sure what would count as "underrated". It seems like for most good game soundtracks, you can easily find people who love them if you know where to look. If you're talking about being underrated in the mainstream media, well then it's almost pointless to even bother since to them anything old is outdated and not as good as modern games.

Outside of DKC, Mega Man, and Castlevania games, it does seem like there aren't as many platformers with notable soundtracks. Well, there is Journey to Silius and the other Naoki Kodaka NES scores (Batman, Blaster Master), but they're all pretty much unanimously loved, as well as Ninja Gaiden 1 & 2. The problem is that there aren't many game soundtracks that are consistently excellent. I could name Skyblazer as an example of a platformer that's overlooked and whose soundtrack doesn't get much attention, but it only has a handful of really good songs and maybe one great one (The Falls of Torment).