Here’s a suggestion for what I believe the E1 can do 
:
Controlling the parameters of a VST preset, but without the usual limit of 127 parameters on Ableton (This limitation does not exist on other DAW). This warper could be created using Max for Live or as a standard VST.
I’ve tried a Max for Live patch that makes the first part of the suggestion feasible: a VST warper. (The link is provided further down in the post.) This Max for Live patch is quite extensive: it can create snapshots/recall of VST presets and morph between them. It also has the capability to randomize VST parameters and to exclude some. Importantly, it’s not restricted by the 127-parameter limit.
Additionally, I envision the E1 being directly connected to this type of patch/plugin, offering instant access to all VST parameters, not just 127.
For those interested in exploring, here’s the link to the Max for Live patch on “maxforlive.com” website:
dirty VST wrapper preseter morpher version 3.7 by schlam on maxforlive.com