Also, you run into a problem in that, when you would switch the expression pedal from one effect to another, you "lose" your setting.
For example:
You are using your expression pedal to control feedback on your delay - your setting is maintained because of the position of the pot on the exp. pedal -- but as soon as you switch away to control the other pedal, the feedback will change, because the pot is no longer connected. Depending on how you wire it in, it would either return to the pot setting on the effect pedal, or would leave an open circuit which could cause the effect to stop working.
What you would need is a switching mechanism with "memory" so that when you switch away it can maintain the last setting whilst you are using the exp. pedal for something else.
I wanted something like this for the CV controls on my Moogerfooger pedals, and thru discussions with my bro this is what we decided was required. We were thinking of developing such a thing when Moog came out with their MP-201 pedal which can do this very thing. Unfortunately it's only for Moog -5 to +5 CV, so it wouldn't work for just any pedal.
Still a good idea, but I am unaware of such a device out there today.
Col. Monk