They do go after that old guy after you get captured. Unless they added on that which is silly because the outcome is quite predictable and was left you hanging on what happened to him afterwards. I'm pretty sure it wasn't in the SFC version though.
It didn't really leave you hanging. If you went back to Euclid afterwards, people comment on having no idea where he disappeared to, and if memory serves, you could find some blood back in his house...
I just confirmed that ToP:FVE has a newly composed ending piece by Sakuraba (nice piano/orchestral combo style he uses for Tales endings since ToD2). You heard it first here.

Eh, I think I liked the song in the PlayStation version better...