Ha! Hell yeah!
Two words: Midi Shaper.
From Cable Guys.
This has been bugging me for a long time. I like Etch as a filter effect and all. But one of the uses I really wanted it for was as a replacement for the filter/filter envelope on some older synth plugs.
This of course would necessitate effective triggering of the cuttoff with an envelope each time a key is pressed. Aside from the fact that the envelope in Etch is only ADR which wouldnt be able to duplicate certain envelope shapes as well as ADSR, it was just plain difficult or impossible to make this happen in Live. Or at least I couldnt figure it out.
Anyway, i finally got this happening today. It has breathed new life into some old synths. Midi shaper is cheap and it works, not only for this purpose but has drawable LFOs and can modulate plugins as well as Live and Live devices to boot so its a creative workhorse.
Make sure to watch both ableton vids on the website. After that its easy.