I'm not sure how VC works in cubase, (I'm using Live), but I'm more or less doing this now thru enabling the 3 output 1 input option in the common settings, (this disables the Virus' ability to function as a soundcard, but I have another audio interface I use anyway.)
In live I send my drum master audio track to the Virus TI Snow plugin channel, then use the 4th part as an Effects channel, (by selecting input L + R as the input in the FX tab), then use the filters, envelope follower and FX to tart-up my drums. Works a treat, I lose 1 synth part, but it's worth it. I don't know what benifit a seperate fx plugin would have, as the current arrangement works fine for me. I can even send the FX channel MIDI information from a Seperate MIDI channel in Live, including CC automation etc, (great for Filter Sequences, and whacked-out tape delay effects!)