"possibly even using the heterodyne principle to generate an analog waveform and sampling the result" - theremins-r-us (LOL)
Why "sample the result"? If you have an audio waveform, why bother sampling this to digitise it? Sampling technology is extremely ill-suited to theremins simply because it confines the playback to cycle-by-cycle, which is one big disadvantage of all digital theremin implementations - In a heterodyning theremin the audio waveform 'morphs' dynamically as the pitch varies, which imparts essential 'distortion' that (IMO) gives the theremin a lot of its appeal.
However, you can extract pitch data from the heterodyned signal and use this to provide the outputs (CV,MIDI,USB whatever)
All the essential waveforms can be simply created using mixed-signal "heterodyning" - and this is a lot simpler for those more into "digital" than analogue - you have none of the difficulties of needing to filter an analogue signal to get a clean input for your digital circuits - mixed-signal generates an absolutely clean logic level square wave (using a simple D latch) and the circuits below show how one can produce ramps and triangle waves as well.
If you want to generate CV, MIDI, USB or whatever, a couple of PLLs will allow one to do this without the usual latencies - and if you are using a FPGA or mixed-signal processor (like PSoC 3 or 5) all the analogue, mixed signal, and digital processing can easily be fitted into the smallest of these parts - and there are analogue blocks in these parts which allow one to process the waveforms in analogue, without the quantizing problems which occur if one uses sampling technology.
Fred.
http://www.thereminworld.com/Forums/T/28561/freds-notebook---cvs-plls-and-more
http://www.thereminworld.com/Forums/T/28562/a-register-switching-e-pro-like-theremin
Why am I telling you about all this? - simple really - so many people put loads of effort into inventing useless theremins - I was one of them! - If that effort was spent looking at the ideas already "out there", and picking the best of these, we would all be playing far better theremins - theremins which would be suited to all skill levels, all varying requirements from sound effects to melodic playable musical instruments, to controllers for external modules..
But, instead, we (designers) come barging in with our technical focus and try to force our (usually, from a practical musical perspective) crap ideas on the musical community - yeah, technically, our ideas and inventions may be brilliant - but if people cannot play them, dont like the sound they make, or cant afford them, then we have wasted our time!
I had completed my first prototype before I had ever seen a theremin being played live, and had watched only a few you-tube performances.
My advice - Find a venue where you can see a good thereminist perform, find a good thereminist who you can consult, ideally get a few lessons on playing the theremin - and read EVERYTHING you can about theremins, both technical and musical - these actions WILL alter your design!