The parameter modulation system that is in Reaper isn't great (which doesn't mean it's completely horrible, just not great) and I think it can't be properly replaced with 3rd party code either. I have seen nicer to use and more advanced implementations in other hosts.
BitWig may have the best parameter modulation currently available within a "normal" host. (Obviously things like Max/MSP offer even more control over such things but for example Max/MSP is not a typical track based host.)
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I am no longer part of the REAPER community. Please don't contact me with any REAPER-related issues.
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