Thanks a lot for your reply. Such an idea has occurred to me as well.
However, having the Live FX Pad enabled just for the Master output is not the ideal creative way. Be it live or studio, I think it would be a big big plus if I can, for instance, apply a roller on my snare whenever I want and wherever I feel. Having the effect on the whole 'thing' is something more like mainstream?
In case this feature does not exist, shall I create a feature request?