It isn't possible to mute individual instruments in MP3 files but you can mute them in MIDI files with the MIDI_EVENT_MIXLEVEL event. You would first need to know which MIDI channel the instrument is in, and then you can mute/unmute it like this:
BASS_MIDI_StreamEvent(handle, midichan, MIDI_EVENT_MIXLEVEL, 0); // mute
...
BASS_MIDI_StreamEvent(handle, midichan, MIDI_EVENT_MIXLEVEL, 100); // unmute
Please see the BASS_MIDI_StreamEvent documentation for details.