Automate an eq on the verb bus to simulate lesser quality. For example, there are presets in most eq's that offer an am radio preset. Automate the level or frequencies of the eq to degrade the quality of the verb.
Sample rate breakdown is pretty much a filtering effect. For example, if you have the Waves eq's, they have presets that simulate a 56k mp3 file filter type sound. Something like this would work wonders for you. Or, clone the track and mess around with changing your bit and sample rate so that you can hear the effects of this and try to cop the tone you get from it using an eq so you can automate it to work for you. That's how I'd do it. Hope this helps...good luck.
-Danny