Hi Larry,
I don't know which E-mu you're talking about here but the EOS samplers (E5000, E6400, E4, etc. - Ultra models only) will be able to do this once the new RFX card is shipping. Apparently it is done but my dealer has not received any. It is a card which has 16 fx busses and will allow you to use up to 16 simultaneous fx if you choose to. It looks cool but no one has seen it yet.
What I'm getting at here though is that apparently it will allow live inputs to be processed. I'm not yet sure if it can go through the E-mu filters or just through the board. It may be possible that you can do this.
HTH
Fernando