Hello, I am actually working on one (as a hobby). It is intended to be complementary and value-add to the FV1 boards here. I will be sure to share details with Mr. Bugg when/if it comes to fruition. So many possibilities, if you consider the example of the Dr. Scientist Atmosphere or the Chase Bliss pedals. ETA is 2019 however (hey it's a hobby).
AVR (e.g., Arduino) controller with digipots, and various bells and whistles sounds right to me.
It seems the hardware should be "relatively" straightforward, but the design and the software is where the magic happens.