Yes, and the 'few knobs' would make it easy for you guys to program!
What I would really love is an editor that would work as AU/VST plug as well as a stand-alone application. It could act as both a library app (I know about the existing one – good for back-ups only) and it could send parameter changes via MIDI. In terms of the latter, with basic host integration, it would make it possible for a DAW to record paramter changes/patch changes over time. It would make all the 'Factor' devices into very useful project-studio outboard gear.
Lexicon ships their hardware 'verbs with just this sort of thing now.
Additionally, having a nice GUI up on my screen would be preferable to crawling around on the floor spinning knobs. Users could also then add 'notes', proper 'names' etc for patches, extending the usefulness of the pedal.
As you are no doubt aware, a lot of companies are now coming out with control applications using iPads/iPhones, using either OSC, MIDI or combinations thereof. If you had the codebase established for an on-screen editor, you could easily port to those platforms.