there is no way to make this happen for 300-400 USD...
well, there is.... but then we end up with a toy....
we already have enough "toys" to choose from
i would pay 1000 or more for a high quality device like this, the controller market really lacks high quality
ppl pay this sum and more for instruments, this would be my main dream controller, well worth it.
it has to support OSC, I'm not even sure if midi can handle all of this in a nice and smooth way.
the led rings have to be rgb as well, that adds nice orientation capabilities
i see no reason for the arcade buttons on the left and top, keep version 1 as simple as possible.
the faceplate and inside structure has to be made out of metal imo.
a nice software editor that works on both mac and pc and is maintained for newer OS over time is a highly desirable feature.
my 2 cents, love your idea