Your approach does make sense. If you think about it, my current state of affairs is not totally trivial. I mean that if none of the existing VRacks (I don't mean the components, but the full racks) have the FX components in the order that I want, then I have to do what I'm learning to do now. Clearly a semi-steep learning curve, but I can get away without learning (just yet) the full detailed functioning of every component of each algorithm. it would be really great to have a way to pick components and create a chain of FX. I assume that's what the Eclipse does is a limited fashion, and it is clearly what my SwitchBlade does with the 15 or so analog and vintage pedals and rack units that I own. I wanted to get away from pedals because they are noisy, and unlike Dave G., I can't hire Pete Cornish to mod all the analog pedals to make them silent, thence the idea of using the H7600 to do all that. Besides, I'm a programmer, love programming the SwitchBlade, but it's really basic. The idea of having unlimited power to code actual pedals and effects was too appealing to ignore.
Anyways, if I understood you correctly, I think your concept makes sense. I guess it might be a little tricky to synchronize the I/O's, as some FX sums the signal, and others dont, and it might be tricky to specify the U.I. for wet/dry/feedback and so on. That's where the SwitchBlade shines through its WinBlade software BTW, as you physically see all that. But in a sense, if Vsigfile could be made similar to WinBlade, using mini-components such as the MVracks, then it could be easy and great. Check out WinBlade software, I think you can run it without an actual SwitchBlade, and Ken is a great guy too.
I'm happy to provide feedback to early design prototypes you think of.