eeh… You do know that almost all of the processing on the ilive channelstrips are before the insert right? That means, if you do it like you suggest, you will not hear what the desk is actually doing. You will hear the iLive processing from the day you recorded, not from the current settings, since the Insert point is last in the chain.
Actually it’s pretty much useless for virtual soundcheck. I don’t use Waves for all processing, there’s a reason why i have the desk – it sounds good 
Waves is just for solving the few limitations of the desk and programming scenes more easily.
AND this also rules out the ability to use the soundgrid driver for 3rd party plugs on the desk. Reverbs, Delays, Voicetuning etc.
