As an SVT rig user for many years, I did this, but using full range speakers rather than traditional bass cabinets. Modelers I've used/currently use include the Fractal Audio AxeFxII, Zoom B3 & B3n, and the Atomic Amps Bass Box. I find that you can get a very, very good SVT rig emulation out of these devices, and a tone that will translate at ANY volume, whether home listening or live gigging. It's also a very practical approach, cost and space-wise, if you use the less expensive modelers (that are still very good sounding).
I'm pretty hardcore about the sonic realism of these modelers. If they sucked, I wouldn't use them...and...they definitely don't suck. I've been on this wagon for about 11 years and I'm not going back.