ASM-1 as an analog filter?

[Andrew Schrock]

All,

I am in need of an analog filter of some flavor, I was looking at the
sherman filterbank as well as the waldorf x-pole and 4-pole, but they were
amazingly expensive for what you really got. (the 4-pole is at the cheaper
end of the spectrum, with the x-pole and filterbank being more expensive
and duely more feature-laden) I simply can't afford $400-900 for a piece
of processing equipment, no matter how amazing it may be. Which brings me
to my question.. 

Could an ASM-1 board be modified to be a small filter? (by "small" I mean
*physically* small, 1-2U's) I assume I could do this by omitting the
VCO's completely, and making the entire synth less modular with the
connections on the inside. (boo, hiss!) Not to worry, I'm planning on
making a completely modular ASM-1 as well, I just want this to augment
sampled and synthesized sounds that I already have. 

Moreover, has anybody *done* this yet? How does it sound? Can it be 
overdriven for a more distorted sound? Ideally I would like to get very
warped/distorted sounds out of the filter for electronic/industrial music. 

Take care,
Andrew