I'm actually still working on an ASIO implementation for audio-over-ethernet. So far, I can send multichannel uncompressed audio between two computers and I'm busy trying to tackle latency, synchronization issues and building the configuration UI. Regarding that, there's a screeenshot attached, it's not nearly final since there's a bunch of settings missing for autodetecting devices on the network and selecting the active NICs, but still, I'm pushing this and it will be available sometime in the future (probably a few months away). When complete, this UI would allow you to route virtual input and output channels to remote device input and output channels. Probably without faders, though if there's a need that could be done as well. In software ofcourse.
With regards to a FPGA chip handling the other side of the story, the company I work for is actually a spinoff of a company that does hitech control systems for physics research like particle accelerators. Needless to say, there's a lot of FPGA programming involved, so I'll try to scrounge someone to at least advise on how the FPGA side could be tackled in exchange for free beers and general geekyness.