you dont need special type of fx for this nor hardware.It's matter of routing and setting the fx chain,and doesent matter which sofware you use it's the same for all...
so for example if you use ableton on return channel first set eq three(let say)and cut all bellow 350Hz(or more,your choice),then set delay,echo,reverb or whatever you want.then when you send signal(on return) from some channel that is playing,it doesnt matter if you drop the bass or not,because everything on return will first have to go thru eq and that signal will then go thru other efx,and your main signal will go togheter with effect as you said.
I think even Richie learn this thru production process rather then live performance because this is more way of thinking,and in production your all about routing,group channels,send and returns and once you get comfortable with that there is really nothing you can't do.
i hope that this was of some assistance to you...
peace
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