Gonna have to agree with the few folks just above. This feature would indeed change the game in MANY positive ways.
Kosh, you've got a good head on your shoulders. We've talked about this subject quite a bit, and I think this suggestion should be a serious focus for the devs. It would open many doors to those of us who wish to keep Reason and Record as a primary work environment. I myself am one of those people that have little interest in other applications, save for on an limited use basis. I feel this would be very well received by the entire user community, and would really be the icing on the cake that is Record. I feel everything will have finally come full circle in that the Record and Reason package will have become most everything their paying customers have wanted. We would finally have full control over other software, and even hardware as a result!
The fine folks here want to have every Reason and means possible to keep using Propellerhead Software as their only choice for a primary work environment. There very existence of suggestions such as Rewire-Master, MIDI-Out, and other similar ideas should all lead the props to a more than obvious conclusion - We love what they do, and only want for them to keep doing what they do best, and in the process help us to love what they do even more.