48 button sampler with mega and wave shield(zygot stage)

This will be my first project, and original reason I found Arduino in the first place! I was searching for an affordable portable music machine. What has developed in my mind has become progressively bigger, but I digress. I currently have 2 Mega 2560's, Wave Shield, and an assortment of switches, pots, and buttons robbed from "trash ?". In the mail as I type is a Beat707, QuadRam, R.C. MIDI Shield, Mux 2 Shield, 3x 555 Timers, and a PT2399 delay. My plan of action was to beef up one mega with the quadram, waive shield, MIDI shield, and Mux 2. If this is possible, it would make a 48 Button sampler with SD card slot, MIDI in and out, and just maby 8-10 bit recording capabilities? Mean wile take the timers and delay and create a funky sounding distortion box that can be positioned anywhere in the circuit. The second Mega is dedicated to the Beat707. Question being, what do you think? I have tons of hardware experience, and soldering hours under my belt, but programming is a new one for me. Im not sure how to judge if the Mega will stand up to the challenge of the first combination, but my biggest requirement going into this, was I wanted something portable, that ran off batteries, but was not just a toy. I started calling it the pocket studio, although I doubt it will fit in a normal pocket.