Yes, if you can find tallisman's guide to setting up a multitimbral multi-out VSTi you can:
- have 16 MIDI/audio tracks,
- send the MIDI from them, each on a different MIDi channel, to the VSTi,
- send the audio from the VSTi back to each of the tracks (you have to enable feedback in Project Settings)
- control the audio with the faders on each track,
- add FX to each track
etc etc
I tried searching for tallisman's guide to setting all this up but have not found the right keywords yet.
And there are a few templates around illustrating this too (for kontakt among others). Here's a brand new one, for three tracks:
https://stash.reaper.fm/v/1584/MultiAudioMidiRoute.RPP
HTH