Unless the faders are motorized, which I believe are expensive, I don't see how you can make that thing work reliably without some nasty surprises. What happens if you change the levels through software and your faders do not move? I would just have used rotary encoders.
Audio software will typically allow you to configure a soft takeover, where you must move the fader or knob until it matches the software value, and only then does it take over, to eliminate these surprises. Rotary encoders are just not as good for controlling volume as faders.
I've been thinking about using a rotary encoder for lights to deal with this problem specifically (light state being out of sync with a fader/pot). I figure I'll just have software figure out the new state based on the user interaction.