I think they should improve the (hidden) formula device so that it can run at audio rates, then you could simply put in sin(x) and you have an instant sine wave, you can then create saw’s and saw waves by stacking sine waves.
I also remember Cas sticking his whole Overtune tool into a formula device and you can generate nice waveforms with that, I also wrote a squarewave lfo with PWM.
So you can generate complex waveforms in the formula device, but not at audio rates, if they fixed this then everything else you need for modular synths is already there. You could then have formula devices packaged up in doofers that would provide the front ends for wave generators.
There is a modular software called Audulus (mac/ipad) that lets you do this - use formulas to create oscillators, so it can be done in realtime. The only issue I can see with this approach would be aliaising but I’m pretty sure that could be worked around.