@Gary:
This takes a gate signal and outputs a CV, you can't directly process a guitar signal with it. I'm not sure what kind of effect you had in mind when you asked that question?

You could send the CV to something that processed your guitar though and trigger the input with a push to make non-latching stomp switch though. VCA would get you a BOSS slow-gear type of effect. Moogerfooger pedals accept CV inputs for most parameters, so this could be quite fun when paired with any of them.