I understand the desire ... but what it ends up looking like ... is fairly ordinary or random, IMHO.
There could be a useful purpose for doing this, esp. on certain harder to sequence songs.
I mean, if you go to guitar center and go into the room with the sound-activated lights ... they flash and blink to the music ... but I don't consider those to be all that entertaining except in a disco or live-band type setting.
I think LSP has a sonoFx tool which might do something similar to what you are wanting.
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LoginLOR has long had MIDI capability ... but I've seen very people that actually use it. You have to map out each channel to various MIDI channels ... which ends up being a lot of work, almost as bad as sequencing for larger channel counts.