After that he'll realise he needs the spectrum to do a non-linear morph over time, so will probably wind up with wavetables. The next problem is accurately representing the time dependant attributes as they attack and decay, so that usually requires a greater number of wavetable frames. Halion 6 is good for this, you can reconstructed some sampled sounds if you think about it a bit and have hundreds of frames.
EQs aren't designed for this sort of thing, probably be better with an FFT freeze and then try imposing an envelope on top (Unfiltered Audio Spec Ops can do this), but I think the wavetables method will be the best.
