It would be great if LFO could control Hue, as right now as far as I can tell there is no way to make a really smooth rainbow blend chase with effects? Please correct me if I am wrong.
I can see Hue is not a linear effect so it cannot be automated in the same way, so maybe a new ‘colour LFO’ effect could be created that has an LFO for each of the colour parameters when in HSL colour selection mode mode? and the Hue setting is a colour wheel instead of a 2D circle.