You asked "Curious though, now that I can apply effects to MIDI output, why would I be wanting to convert to WAV and treating the resulting audio track instead? "

Using too many 'unique instances' of synths will eventually put quite a load on the system.
Every time you use a unique instance you are literally running another synthesizer inside your computer.

Just be aware of how many you have running, and if you do start to get glitches, converting these to audio will lessen the load a little for the system.


I do not work here, but the benefits are still awesome
Make your sound your own!