A linear voltage regulator like the 78xx family generates heat to use up the excess voltage. A switching regulator, which is probably what is inside your wall wart, converts a higher voltage at a given current to a lower voltage at a higher...
Would a MMH() (Make Management Happy) function work instead? This is far simpler to implement. In the even of an error it stops all activity other than blinking the LEDs in a pattern that implies things are busy and working.
The reason the MIDI specs allow for System Realtime Messages to be inserted into a SysEx transmission is to keep those "realtime" messages, erm, "realtime". I.e. if you send timing clock together with SysEx you want this to be sent at roughly the...