Its been tried in the past but most VSTs are compiled for windows or mac which tends to come with its own pitfalls for running on micro computers like would be required. Personally I always liked Native Instruments NKS concept which still requires a computer but allows you to manage compatible VST on the the midi controllers that support it. I have one and have been able to use a mac mini headless with it for live performance and its better than any "real" synth I have ever used for most things.