Yeah, that would work well...fact is, the Ranes I use here are sort of matrix-ish, as they can simultaneously split a stereo signal to several outs AND offer return channels that sum down to a stereo out. If you added a distro amp, then you could derive multiple buffered sends and fire them off to a bunch of rack devices, then sum all that back down with a Rane SM 26B, with all of that only using a stereo pair on your converter for send and another for return. The only caveat I'd make here would be to get a distro that's ONLY for stereo audio...there's quite a few on the usual used gear sites that also have video in various formats, but those aren't what you'd be looking for.
Case in point: https://reverb.com/item/15148196-kramer-105a-distribution-amp-new-in-box-2018-grey This gives you five buffered stereo outs (on 3.5mm TRS jacks) from one stereo input. Then fan those out to some inexpensive rack processors, and return sum them through this: ~McAAOSwotVfjl4z" target="_blank">https://www.ebay.com/itm/Rane-SM26/324341290702?hash=item4b843f56ce~McAAOSwotVfjl4z via a couple of patchbays to allow some more flexibility in effects routing. With devices like the older Yamaha SPX line, earlier Lexicons from the MPX line, etc coming in at the $150-ish range, this would be a good time to look at a setup of this sort.