I didn't mention anything about polyphony in the OP, but hey, if it can be done, why the heck not?
Perhaps have polyphony determined with different colours on the matrix, with a note and gate cv output per voice?
It's interesting that loops and drums got a such a great boost in R5. Given that Props aren't going to redo every module in a single release - and not just due to time constraints, they gotta make a living and spread the joy over several years - I think it's pretty likely the next releases will focus on effects. A "live sequencer" I think is just the sort of the thing they would excel at. MAP is great, has shuffle, but is otherwise somewhat inflexible, Thor sequencer is pretty flexible but lacks shuffle and is slightly unintuitive.