One thing I like to do is set up the modulation with its Custom shapes and transformations etc, then watch the target parameter change while listening to the sound. At the moment I end up shuffling around the various windows so that I can see the target parameter. And in some cases that is not possible at all.
It would be very useful if the target parameter were also displayed as a (non-editable) control in the Modulation Window (as in the mock-up). That way, you can hear and see the results of the modulation without a lot of window-juggling.
>>> http://i.imgur.com/JMHTCa9.png