Microstudio 4.001, which is currently shipping, can take a KMA file and burn it along with any other CDG or CD format files to a CDG disc. You can then import them back in as BIN files.
Microstudio 4.100, which is 2-3 months from release, will have a "File Format Converter" command. It will allow converting between almost every format. Creating MP3 files is a special situation I can't answer yet.
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