Well, if the D-110 has the same instrument patches as the MT-32, then it would sound pretty much the same. "Pretty much" because the MT-32 has a few limitations intentionally put in there by Roland to compromise the audio output. But if the patch banks are the same, you'll probably be treated to a better audio experience.
There is also a question of whether the D-110 supports the SysEx of the MT-32 - some like the LCD don't matter, but I believe custom instruments are used - if they are not handled properly then there will be missing effects. Personally, I'd say go for it, but it's your money. (The SC-55 can be put into "MT-32" mode but it doesn't handle the SysEx, so you lose the effects. Even my SC-88Pro in CM-64 mode (a mode combining the CM-32L and CM-32P into one box, with the CM-32L being the "computer" version of the MT-32. The "L" being LA synthesis, the "P" meaning PCM samples, i.e., wavetable).has the effects sounding odd.