These hats offer a nice control interface and display that is sized to a Pi Zero. Unfortunately, they require some hardware modification to work on the MT32-pi lite.
First, you need to move the 5 resistors to the i2c state as it is shown in the table printed on the back of the HAT (DIN, CLK, DC, CS and BS1 resistors need to be repositions). In addition, you need to tie the reset pin to high (VCC) which was the reason for why the display was not working on the I2C mode. Also, adding a pair of 4.7k pull up resistors will assure the functionality of the display flawlessly. Now, in order to get the buttons work, you cannot simply remap them in software and get them work, rather you have to cut the traces and rewire them other compatible pins. This is due to the fact that the existing pins used on the hat for buttons are used for I2S communication between the mt32-pi and the MiSTer. Here is a picture of a modified hat to get it work.
[Waveshare 1.3 OLED Hat on