http://audiosprockets.com/video-demos/
If you go to about 5:40 on James May's "examples" video that's on the above web page, you can hear how he uses the WaveMap from a Cordova acoustic-electric with a Yamaha Silent Guitar. In this particular instance, the modeling works spectacularly well, in my opinion. A primary reason that it works, according to Mr. May, is that both guitars are equipped with undersaddle pickups.
In any event, modeling is certainly possible with ToneDexter. My suspicion is that it will work best with UST-equipped guitars, and that it will work best when the modeling "platform" guitar is a thin-bodied guitar with a rather dry and in-your-face acoustic sound.
Its interesting to note that my best success with the Fishman Aura technology was using a little thin-bodied Cort 00 size guitar with one of the Aura Spectrum's OM guitar sound images. That was indeed modeling, or "image casting", as the Fishman folks prefer to call it. I should also mention that the Cort was an Aura-equipped guitar with its own model-specific sound images. For my personal taste, however, it sounded much better with the OM sound image. (I turned the Cort's onboard Aura off when running a signal through the Spectrum.)