Anderton
Just FYI - I figured out how to do what he wants to do in SONAR if you're willing to feed an interface output back to an input. If anyone cares, I can describe...but I think Karyn's freezing approach is the simplest way to accomplish this goal in any DAW.

I knew you would figure it out eventually.  Why should I put all that effort into explaining it when what the forumites really want is for YOU to explain it to them. 
 
As a solution, it ties up extra (unused) I/O and requires loopback capability.  Copying plugins and freezing probably easier in the end.

the best I have been able to come up with is send the tracks to an aux bus that contains Amplitube, and mute the DI tracks.  The problem here is that I dont have individual fader control of each track when I do it this way.

 
Each track has an ON/OFF button and level control for it's effect send. These can be used while retaining track fader control.

 
 Hey Kylotan, 100% appologies, as you see this whole thread made no sense to me, I guess I should have known someone like you wouldn't be that far off the mark.. Make note to oneself-- stay out of these type of threads..