Hmm, I'm going to have to dive into the audio library...
I found a really clear explanation of convolution here (I think its ok to link to it, copyright-wise) ....Hopefully its correct!!
http://www.dspguide.com/ch18/2.htm
I'm guess you know all this already ... but its new to me.
The whole process looks simple enough from a high level but I can see that the computational power needed is a big 'if'. It will take me some time to get up to speed on the audio library (but it doesn't look too hard, esp with the gui thing!!).
Obviously, the fft routine seems like a place to start! Like you say, the real and imaginary components appear to be needed (according to the link), and if I understand it, the teensy fft library only gives real / magnitude ... ?
Basically (at the high level) an input audio block is transformed, as is the impulse's samples (the impulses for guitar cabs are very short, mercifully) ...padding is applied to the transforms, and the two are multiplied together in the frequency domain, to give a new set of samples. Then, using ifft, the new set of samples is written back to the time domain ...But then a bit of add-overlap magic is necessary to properly 'reform' an output stream.
When you say that we would need 4 to 8 ffts and iffts per buffer, I guess what you are talking about is dicing up a 128 member audio block into 4 (lets say), and transforming / convolving each 32 samples with an impulse ...the reason for this is to have enough data on hand for overlap-adding ...BUT ...if the impulse was short relative to the audio block, would you need to dice into 3, rather than 4 (and lets forget about stereo!!). Obviously I don't get how to add-overlap, but wouldn't 3 suffice?
There is some code associated with the link above but I think it might be copyright.
Anyway, to do all this in audio 'real time' seems a big ask for the teensy
I think I'll take the first step of learning the audio library now .... see if I can transform a sine wave!! thats going to be hard enough for now! I was going to muck around with OSC (a bit more my level tbh) but I'll see how I fare. I have a teensy audio board somewhere, even!