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Best platform for Guitar Effects devices - Questions relating to ADAU1446?

Hi everyone

I'm wanting to develop a platform for DSP guitar effects for use in a commercial product, and having looked at what others are using I've seen that the ADAU 1446 is used in the some of the products I like the most.

I'm a start-up business and new to DSP. I have more of an analog electronics background, but I've got a good attitude and some good support.

So what I wanted to ask was:

1) I've read that with the 1446 chipset that the only way to create effects algorithms is using the Sigma Studio application, and that it's not possible to write code for it, as it's a closed platform. Is that correct?

2) Given my experience level, using Sigma Studio sounds like a good entry point for my level, so my question is, will the 1446 & Sigma Studio give me the capability to create all the typical audio effects, ie Reverbs, Delays, LFO's, LFO Amplitude & pitch effects like a Tremelo, or Vibrato, Chrous....

It's seems like the development platform board is nearly a $1000 with the USB interface board, so before I decide to buy one I really need to know whether Sigma Studio with the 1446 is going to create the effects I'd like to build..... otherwise I will be wasting $1000 very rapidly :-)

If anyone knows of a better approach, or a cheaper evaluation solution, or any other options, I would really appreciate the feedback.

All the best and take care,