That's the place where I am now, and I'm getting a great sound (admittedly, though, a bit dry without effects), and am enjoying the analogue response. For example, when working with the AC30TB (top boost), cranking my guitar's volume knob creates a raspy bark, but rolling it back slightly produces glassy, jangly textures. In other words, the ToneLab is responding differently to different guitar-volume input -- it's not just producing louder and softer versions of the same sound.
Is this a substitute for an actual AC30TB with five 12AX7's, four EL84s, and a Blue Alnico speaker? Of course not, but there's some definite intelligence and musicality going on here.