Hi Brook,
While I haven't done exactly what you're describing, I've played with the MagicQ MIDI function quite a bit. First of all, I'm going to assume this is for MagicQ PC? If so, the PC version of MagicQ has more limitations than a physical MagicQ desk in terms of expandability (number of wings, etc.), so just be sure to check into that. I don't use a wing with mine, so I can't really comment other than I know there is a limit regarding how many can be plugged in and what they'll map to.
Personally, I think MIDI is the best way to really unlock MagicQ PC, especially when on a budget. I too like as much 'hands on' as possible, so I can see where you're coming from. MIDI has its limitations though, besides that you have to use the actual Chamsys MIDI interface. All of the possible MIDI commands are in the manual, but know that they only control PB1-10. You can work around that limitation by writing one of your PBs as a 'control' cue stack and macro everything else from it. Is it elegant? No, but given the low cost of the solution it gets me by. One of my current projects is building an interface to fire MagicQ playbacks with a Novation Launchpad, but that's another story... Hope this helps!
-Jeff