Pulse Dividers -- Good for polyphony??

[MACHINE MEDIA]

There was a brief thread on pulse dividers (for sequencer clocks) on another 
list which got me thinking.  Most of the old tube organs (I'm referring to 
keyboard instruments :) used pulse dividers.

Would using TTL/CMOS pulse dividers be a good way to add polyphony to a 
modular synth??  Would taking the square wave output and dividing 
it by 3, 5, etc. to produce the other notes in a chord a workable idea??
I've looked at alot of synth circuits and many of them use a couple of 
flip-flops to produce an output one octave below the VCO. I was thinking 
that a group of "divide by N" counters (like a 4018) would be more flexible 
than having fixed divisions. 

Is there a way of dividing down sawtooth or other waveforms besides a 
square??

Any thoughts?? Has anyone ever tried anything like this??

PEACE OUT :)
MARK