That makes sense, but I can't think of a way to conveniently deal with a small number of cables between floorboard and rack with that configuration. What I would do would actually be to set up an on-off switch for each individual loop, which would require only a hot and ground from each 'loop', and since all ground connections should be shared (because ground likes being the village bicycle, if you get my drift...) only four wires (and a much easier jack configuration) would actually need to be used in the end. What you do is basically leave all of the loops on at any given point in time, but have a switch connect the ground and hot when 'off' and disconnect them (resulting in a signal) when 'on', and have whatever survives go out. Perhaps I should draw this if you want to give that a try, as it might make more sense, but right now I can't do much of anything.
EDIT: GGI, the limiting factor with simple things like this will always be the number of switches you'll need and how much you want to spend on switches and a box. I wouldn't go for anything but Carling switches on anything I like... they just seem the most solid of all of the switches and I've never heard of one dying before the rest of the circuit fell victim to a nuclear holocaust. I also hate the FET switching companies like Ibanez and Boss use... it just feels too squishy to be reliable. Carlings just feel fucking cool under the boots - like whenever you stomp on one there's a little fairy inside trying to keep the circuit turned off, and hitting the switch snaps that fucker's spine and the thing turns on. Well... okay, that's gotta be a lot of fucking fairies, but... still, snapping their little fruity fairy spines is fun, end of discussion. Anyway, plan on spending about ten bucks a piece on these buggers. The case can be had for prices under about $10, depending on how much you want to look, how odd your box needs to be, and whether or not you'd rather just grab another case from something else and leave something else homeless for a while. Hookup wire is dirt - I've actually rigged up someone's guitar using wire exposed from when he ripped his bloody smoke alarm off the ceiling - and solder is hardly more. Hell, if you wanted to get some 3PDT switches so that you could have LEDs indicating the state of each switch (because it's just so bloody hard to tell when chorus is going...) you'd spend maybe a dollar on LEDs and a 9V clip. You can go a lot cheaper than this, too, especially if you don't mind cheaper components (I can see why those who don't hate fairies as much as someone like me wouldn't need the best switches on the fucking planet), so if anything holds you back it really shouldn't be the price. It's great fun if you really like trying to figure out odd ways of doing simple things, or you want to have more options available to you at a low price. As I know I've said before, PM me if you want to build something but can't figure out how it would go.
Jeff