Thanks for the reply DewDMan,
You must be correct in the capabilities of channels in VEP, MIDI input is limited to parameter input through CC only in an audio bus. A work-around may be possible with Reaktor and I have been exploring that. VSL cheerfully touts VEP as an excellent FX rack, but most any hardware FX unit worth its salt would respond to MIDI Program Changes and still be able to process incoming audio. As a result I have been forced to seek other alternatives.
Really, who has time during a live performance to open a channel strip in VEP, launch the GUI for a plugin, and search out a preset for the next tune? Automation of presets should be easy, but instead it appears impossible with FX within VEP.