Yes, I've done this, and it works. I used Jorgen Sorensen's Midi to Style program, which does all the basics, but you still have to do a fair amount of tweeking and tuning to get that perfect style for a specific song.
Cheers,
Gary

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PSR-S950, TC Helicon Harmony-M, Digitech VR, Samson Q7, Sennheiser E855, Custom Console, and lots of other silly stuff!
K+E=W (Knowledge Plus Experience = Wisdom.)