Sounds like a cool project!
Seems it would take over so much of the Korg that it may just be best to make it's own module and transplant a NJM2069 into it. And if you already are simulating VCF's on the STM, then would just one NJM be used at the final output as an extra filter to add in the mix?
Just seems the old non velocity keys on a Poly800 would be dead weight, as would the old chorus/amp board if you design FX in the code or use another uC for... not much meat left on the bone when the new uC takes over.
Still it would be a cool project, I would love to help with the coding if I could.. To get the waveforms I suppose you would use premapped tables to reference, then convert to PWM output with a filter.
Tom the Electric Druid tried to explain how it all works with his little PIC vco chip. His code would be something to look at to see how the tables work and how to "morph" waveforms from one to the next.
I am very green with C++/Arduino coding, but did have alot of fun making an arduino VC LFO for my NJM2069 external module project.
Help coding a project like this would be a nice challenge to sharpen coding skills.
/Blaine