I'd sooner have it a fixed UTC time. Although I'm in an EDT region, I keep my wristwatch and alarm clock in UTC... which might just disqualify my input as the ravings of a nutcase. But I like the symmetry of only doing one conversion to bring each event into my time, rather than two.
And for all the people in Europe, etc. who use DST, but go on and off different dates than the US, DST would add substantial complexity; everyone knows how to convert between their current local time and UTC.
Oh, and check Milkytracker for OS2008. I've no musical ability, and know better than to try , so I haven't tried it.