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So far, so good! This is definitely on the right track. DO make sure and get some sort of isolated stereo out module for your level step-down as well as isolating out any noise/hum/crap. Happy Nerding's got this one that I really dig, fits in 6 hp, and it gives you two stereo busses in with an extra level control...great for parallel processing your final mix with some FX and having direct control over the FX return. Plus, nice metering and a 1/4" stereo headphone out as well. A reverb might be nice, too...check that Purrtronics digital that came out some months back, as it has a mono-in/stereo-out architecture that would mesh really well with that second stereo bus on the HN module.