Excellent summary Doc Holiday.
Right now I am in the making it work phase. The first version will only have volume control, but adding balance is not hard at all once volume control is working. It will only have a stereo output so there would be no point in fader. Most aftermarket radios have 3 sets of RCAs, Front, Rear, and Subwoofer all with left and right. This will only have 1 pair, just left and right. It is definitely possible (I will look at it after this is working) to build a box with front and rear outputs (2 sets of RCAs) that would use the fader control. Personally, I set the fader and balance (normally just the fader) and don't move them. So, what I would do to replace the entire amp system would be split the output of my box 3 ways, once for front, one for rear, and one for subwoofer to external amplifiers. Then set the gains of each of the amps/channels so get the fader/balance the way you want. Not as convenient but it would be basically the same.
As I stated previously I am waiting on the first boards to come in (probably a week and a half from now) then I can start writing software. Also, the output of this box will NOT be affected by bass, mid, or treble settings. Adding those controls is a lot more work and I probably won't do it at all since I don't want it anyway.