Freeze track with external effect - separate tracks

I understand from reading the manual that it’s not possible to freeze a track with an external effect, unless the effect is an insert. What I really want to do is freeze the mono guitar track and the external effect so that they can be panned separately in the mix. Of course, I also want to free up the external effect for use on other tracks. This is is easy to do with a mixing console - the effect can be returned on a separate track from the original track (but the effect track would need to be recorded on a separate track, which is what I want to do here…) I have used Cubase for years, but am relatively new to Cubase 7. Am I think about the problem in the wrong way, or am I missing something? Any help/thoughts would be appreciated.

Jeff

Rather than freezing you can use export audio mixdown for the individual channels and import back to project.
This will leave the originals in the project so you’ll need to manually disable those.

Or much like your mixing desk analogy you can create a phantom (unassigned) bus (or multiples) in vst connections, route your channel to this and then on a new track select this bus as the record input.
You could either create 2 busses and do both tracks at once or one and run twice re-routing between takes.

Thanks Grim, both of those solutions seem workable.

Jeff