I wanted to revive this thread with the hopes that a bonafide Mu-Tron III model makes its way into the final release of the v8 firmware.
The Tone Master Pro recently added this effect, and now Doug B has done a demo of it here:
Fender did indeed capture at least some of that magic that ONLY exists inside a good 'ol Mu-Tron III. Sure, we'd all tweak this effect differently, but I can tell by how the envelope is responding to Doug's specific playing style in the video along with my extensive experience playing through a real unit that it is a pretty faithful execution. Very vowel-y, and a bit more authentic (I think) than even some of the better-executed automations of a wah or filter in Fractal world.
Knowing this device has already been measured by Fractal, I have confidence that this effect could be arriving soon, and that it will be most excellent. I'm hear by making another push for this to make it into the official v8 release!