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Advice on designing a guitar effects pedal?

Other Parts Discussed in Thread: TMS320VC5507, PCM3060

Hi, everyone!

I'm in my last year at the university, and I wanted to design a digital guitar effects pedal for my final project.

The idea would be to use the PCM3060 CODEC for A/D - D/A conversions, using a low power dsp chip for sound effects( I have a TSM320VC5507 chip), and creating a user interface which can modify the parameters of the effects( I'm using PIC micro controller for this). The question is could I use the TMS320VC5507 for this application? If not, what dsp chip would be ideal - with minimal price.

Thanks in advance.