I think this is a great idea. Something similar to the Quick Build interface allowing us to draw connections could be a starting point because much of the underlying graphics code could be reused.
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Instead of the "Out" blocks in the right column we'd have the regular input blocks, with a second matrix for the output section. The grids would have to change shape but there'd be room because there'd be fewer types of blocks.
It seems like it'd be possible from a coding aspect, but I have no idea whether the current hardware could support it memory-wise. Maybe, because the Cygnus sound generation is so good, the team can switch to improving the graphic interface and slide something like this underneath the current architecture.
That's my nearly worthless $0.02.