If said portable, smaller modelling device was a Fractal Audio FM3 or FM9, potentially yes. You'd only be constrained by CPU limits and firmware versions. If your smaller device was any other brand, no. The best you could do in that case would be to try to recreate your Axe-FX III's preset in the secondary device by referencing the Axe's signal path and using your ears. Fractal gear will only talk to other Fractal gear where algorithms are concerned.