Mod Bod, BIAB would be ideal for your purpose, especially if you purchase a good set of Real Tracks. However, because of the time each song with Real Tracks needs to regenerate (maybe 30 seconds or so), I recommend you develop songs with MIDI only, and only convert the instruments to Real Tracks and Real Drums once the song is 'done'.
Roflcopter, even if you do not want to use the Real Tracks or Real Drums (or Real Charts), I recommend you upgrade just to get the bug fixes that have occurred in the three versions beyond yours. The minimal upgrade, without Real Tracks, is quite inexpensive. True, most of the new functionality is in the Real instruments, but there are some new features for MIDI as well.
Disclosure: I have worked for PG Music, makers of BIAB, as a consultant.