(I just sent this, but I think the graph makes it get stuck)
Re paste below
 
Ok, downloaded Love Trance.
I can see it peaks at -8.64db.  I don't understand why the headroom is there as when transferring to other formats bit depth will surely be sacrificed.
 
More importantly-eq.
I have attached a graph (ignore the thin line, we are looking at the thick line with the dip).
Roughly speaking you would want to end up with only a few db between any area from the mid to the top range.
For those who cant see the graph (and you wont be able to measure from this)...
 
Taking measurements, the bottom of that midrange is about -55db (goes down to -58 in parts) at 876Hz and then at 3.45Khz it is -35.6.  That is 20db difference.
 
For me it looks like the source has had a massive midrange drop and in mastering this hasn't been challenged. 
 
I have reshaped it and by bringing up the midrange I have used the headroom a bit.  I know people get a bit funny about 'Mastering' so I have not used compression on this.
I think the best source for comparison would be to look at the White Room (commercial) masters as most attention would have been paid to getting these right form the KLF studio, although they would not have had the tech we do today for tweaking these things.
 
As this is available for free in the first place, I will upload a link here:

Files (13.6 MB total)

The KLF - Love Trance-ReTweak(jd).mp3

Download link

http://we.tl/sXnK1uDpDC
 
Apologies in advance for the questioning of this master and the offence it may cause, hence the measurements.  If in doubt, please listen to both.
 
John