Joe:
While it's true that the low pass filter doesn't add anything, don't forget about the Q switch. This does add a boost at the cutoff frequency, usually 6 or 9 db. I'm also in the don't knock it 'til you try it school regarding the filter set up. The bottom line is that you can get an amazingly variable palette of sound just by moving that lil 'ol filter just a little bit. And when used in conjunctiuon with a Q, the possibilities are expanded. I already spend too much time futzing with my knobs (ask my band mates). On a set up like the one you describe above - 7 knobs controlling 12 functions - I personally would still be adjusting while the rest of the band would have already finished the song (and we play long songs). This might work in a studio environment, but the realities of playing live create, at least for me, diminishing returns if the controls get too complicated.
As for the SF-2, I can't recommend it strongly enough. GREAT unit, and you should be able to pick up a used one off of ebay or other source for about half the price stated above, or less.
Bill, tgo