After almost two years of silence I at least got some free time to develop this project. Great thanks to Eugen Bogdan, now we have re-worked distortion (emulation of Ibanez TS9 pedal), and equalizer. Sounds pretty good with my guitar :-)
Everyone interested can checkout the anon CVS and build the program.
I estimate to have a release soon. Need to make it work with GTK2 on windows, and few small things.
Everyone are invited to test.