@raynex : It is a mod, but not by factory. The 315-5296 is original in both System-C and System-C2, in my case I had to replace it because mine was malfunctioning.
I believe I can see a small cut separating the reset line for the YM3438 right next to the green wire soldered, this board should function correctly if everything else was done correctly as well. I personally don't like the blue slot, but at the end of the day it is about playing the games.
I will add that I never tested a multi on a converted System C to C2, so if you want to be safe, a System C2 will not let you down. I do have a C2 with a multi, so I may test it on a converted C->C2 and I can report later. Can't guarantee this weekend because I'm out on vacation, though returning home on late Saturday.