I'm very interested in the NatAmi, but have been wondering why the new audio capabilities didn't seem to be upgraded much. So I'm glad you ask us
I've made music for my own enjoyment and programmed some players, including software mixing. I'm not sure I agree that mixing channels is relatively cheap. It quickly gets expensive if you were to play a 32 channel mod at 44.1 kHz. I worry a bit for the '060 even if it is 90 MHz.
Some things I've always missed in the Paula:
* A panning register so channels could be moved from left to right. Much like your center channel idea, but configurable by software. For instance a signed value from -128 (left) to 128 (right) per channel would be a VERY nice addition. .mod's sound SO much better in headphones when the channels are moved away from the extreme left and right position. It also opens up for some great effects in a tracker.
* 4 channels IS a bit limited, often you fight the tracker and end up having to cut off notes. I would definitely prefer 8. Some might want more, but I'd be happy with 8.
These two fairly simple additions to your existing design would make me very happy, it would be a pretty damn good sound card. Still not as advanced as say a Gravis Ultrasound, but still miles better and more useful than the original.