Rikki, I am only speaking from what I have experienced with computers running strum libraries. perhaps you CAN get these to run smoothly on the MS. I really don't know.
But I would like to HEAR it before I am willing to concede that it can work well. In sync with the MIDI section, and lots of cord changes at odd times. Worst case scenario, and all that...
There are some pretty sophisticated things hidden under the hood on MIDI arrangers to fool you into hearing things that haven't happened. What I mean is, say you play a chord fractionally late... On a MIDI arranger, the arranger section basically 'bends' or portamento's all the incorrect notes from the earlier chord into the correct notes from the 'late' chord, so you don't hear any retriggered transients.
An audio loop can't do this (can't pitch shift a minor chord into a diminished, for instance). This tends to make imprecise chord entry FAR glitchier than it's MIDI equivalent...
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An arranger is just a tool. What matters is what you build with it..!