Koshdukai take a second look at MIDI out with Reason:
"Showing proper velocity-aware polyphonic note output (104 note range, from C-1 to G7), Pitch Bend and Program Change, if needed.
I'm using a VST (NI's Razor) for convenience of getting everything on screen capture but that MIDI out can be sent to any external hardware MIDI device, of course, while you record their audio output with a Reason audio track :)
Mod Wheel was already supported previously, since any of the 128 CC's can be sent out.
oh btw, besides Reason 6 and 5, Reason 4 can also be used with this Codec :]" -Koshdukai
For more information on this and other cool Reason stuff be sure to go to koshdukaimusicreason.blogspot.com!