Reply to Serato with Ableton

After some searching on google, I've decided to ask you guys about a little question I have regarding Serato with Ableton.

I know all about The Bridge, but my question isnt about syncing. Its about the effects. I could only find info about this regarding the Mixtape option, which allows you to apply effects post recording. Im wondering if while using The Bridge, can I use Abletons effects on Seratos live decks, using a separate controller of course.

Im believeing about switching to SSL mostly for the simplicity and stability. However, before spending that amount of money on the interface (damn those things are expensive!) id like to know if using Traktor is still the way to go as far as effects is concerned.