This is an awesome idea, especially if you can make it split the input to 3-channel and allow setting independent drives on low/mid/hi with parametric frequencies for each. Then if you add in variable pre-compression for each channel too, and an output filter and level, you have exactly what I do for initial bass tone shaping in Kilohearts Multipass 
Seriously it’s my favorite bass effect; you’d be surprised how much you can do with it 
That one is only using compression on one band but I usually do it on all three.
If you do this you would basically be making the equivalent of Neural DSP Parallax in a pedal. Lots of people would buy that.