Make Channel Tools into a Pro Channel module,
sure would be handy, to me at least...

What do you see as the advantage over just popping Channel Tools as is into an FX Chain?

I'm up for it as long as Channel tools is updated to have more headroom. I recently discovered that it's very easy to clip channel tools once you go past 0db. At this point, it's the only way to do proper stereo panning (instead of just a balance control) in Sonar without using another 3rd party plugin.
 
Now why does this matter? Say you want to push the output distortion emulation of an analog style plugin. You can push the output (like you would in real life), but can turn down the mixing channel to get a reasonable level. In Sonar's 64-bit mix engine, this is all done safely without any distortion. Put Channel Tools at the end of that same chain of FX and you could have distortion city... bummer.
 
I've been using other plugins that do similar things and they have much more headroom than Channel Tools.

A ProChannel version of Channel tools.

You may want to read this feature request on stereo pan pots from last September, especially Craig's suggestion here stating "What really needs to happen is applying two different parameters, width and position, to a single stereo signal. Consider the following" and how he explains the implementation ...
 
While all other features of Channel Tools are great (especially the delay feature which is great for subtle timing adjustments of an entire track), I personally don't need the entire thing as a ProChannel module, I'm happy to use it as FX, but I'd love to see width and position for stereo tracks, right there on the console (and of course controllable from control surfaces, even if they are considered legacy)