Initial testing was performed against a clock generator sketch. The unit performed as expected using the described controls.
To introduce Midi to CV and Arpeggiation to the system, more circuit complexity is required.
Multiple DACs can be cascaded in parallel to generate identical CV outs. i.e., one for patching to an oscillator to control pitch, and a 2nd to patch into a filter or envelope for modulation control. Additionally, I intend to add an additional array of DACs for converting MIDI Channel Pressure CC to control voltage output.
Upon initial testing, the gate output meets expectation; however, the CV isn't working. Closer inspection reveals that the spark fun DAC boards have the SMT DAC soldered upside down, thus resulting in failed performance. I have ordered a batch of 5 more DAC breakout boards from Ebay. When they arrive, I'll integrate them into the design, and move forward.....
I have fashioned a proto board that I can solder DACs to. I may place this unit into a proper 5U module if performance turn out tight and tidy enough. The DACs are 12bit which produces a fairly smooth sinusoidal waveform. So CV control will be accurate enough for 1v/octave pitch control.
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Arduino - Midi to CV Arpeggiator

Using an Arduino Duemilanove, Spark Fun Midi Shield, and some 12-bit resolution DACs to convert various MIDI messages.

Features:
Arpeggiator
1v/octave control voltage output
+- 5v gate trigger output
Channel Pressure (Aftertouch) to CV out
Start/Stop
Midi In/Out

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Brian Tuley
Electronic Engineer Brentwood, CA