Did a clip more, this time with the BEF-P; effectively putting it in an effects loop (like the Groove Regulator has):
This time with a USB sound card, so the sound is a bit nicer. The link has more info about chain and setup.
Next thing will hopefully be to make it work on my M9; as that would open up a lot of possibilities. (I'm thinking chorus/vibrato, reverb, filters, ringmod, synths and delay at the moment)
@Derek Balonek:
I hope I'm not stepping on your toes by making this, as I could understand you might be working on something similar; but I've had the idea in my head since about when the MWBD Pro came out (2-3 years back) and now, being an electrical engineer student, I finally have the skills requited to do this the way I want to.