Hey Dave,
I have a Variax 500. And I find it very useful for recording, and for live stuff that I just don't have access to in real life. Tele style twang, Ricks, 12 string, acoustic, and even the banjo and sitar models are useable. And the acoustic sims sound better than any piezo output I've ever used.
The guitar itself is kinda un-fulfilling to play. It feels like a cheap Washburn or other low-line import. But it is playable.
I think that the guitar excels at doing stuff someone is not used to doing... ie... if you're a chicken-pickin' master, the tele sounds aint gonna do it for you, but the Les-Paul might be close enough for the 2 classic rock songs on your list. Or, if you are a Eric Johnson freak, the Strat ain't gonna set you on fire, but the acoustics, and Jazzbox models can keep you from dragging 3 axes to the gig. Oh, and with the
Workbench software, you can change tunings with the turn of a knob.
Palm muting on the Variax is a joke. The bridge mounted pickups simply don't produce the exaggerated bass response of high-gain chugga. So the metalhedz won't be amused.
I use mine with my Vetta, to fill in the spots that my main axes can't. And I like it for that. It's a tool.