It’s funny you say this as it’s exactly what I’ve been doing with Aum on my iPad and “playing the mixing desk” (á la the dub scientists) is also the basis of how I played Live live (back when I used to leave the house to play music to rooms full of strangers).
With Aum I’ve been sending a loop to a bus and then sending the bus to a number of channels, all running different effects. The next logical step would be to map them to a hardware controller but I haven’t tried that yet.
With Live in a live scenario I’ve always had split dedicated channels for bass, drums, mids etc with 2 send effects (the Reaktor RE-201 and MF-101 simulations from the user banks).
Both of these options are a lot of fun in-the-moment, but I have a mental obstacle regarding “real” tracks (i.e. ones which get nailed to the wall as “finished”) in that I expect something else from them. I know that probably sounds ridiculous…