Here is how I would set it up:
Be sure that 'do not process fx when track is muted' is set on in the preferences
In live configs set up the input track with your midi keyboard (it must be set as input midi device in preferences)
You should dock sws live config to have a visual feedback (there is a handy optional big display window to show where you are)
for convenience you could even set two custom actions :
one for live config activate action :
- hide selected tracks from tcp
- Open/close UI for fx1 on last touched track
an another one for deactivation action :
- Focus main windows, close others
- hide selected tracks from tcp
And you will be able to switch from one track to another without the feeling of a heavy session...
Once done don't forget to save your project as project template to easily start another song and, you're done...
Hope it helps!