I too would love to see this feature. Rendering STEMs without their linked effects is completely useless in a post-audio scenario.
So, to answer the (many) queries about "why the hell would you do that??" - when you do film and television, you are often asked to output STEMs (Stereo Mixes) for the dubbing (post-audio / sound mix) studio. The idea is to output each of several instrumental sub-groups (example: Orchestra, Synths, Guitars, etc) that when brought to Unity gain, will be representative of your full stereo mix.
So, if I have a Telecaster Trem track inside the GUITARS stem, and I have a Send going to an FX bus that is OUTSIDE the STEM's buss, I'm out of luck. Really annoying. The only work-around I have found is to have a different set of FX for each STEM. Yeah, it's alot of juice, I know.
Definite feature request!
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