+1 for this.
As for colliding with control editing -- surely the primary use of the scroll-wheel (scrolling) should take priority over editing values? If your design means the scroll-wheel doesn't scroll, there's something wrong! ;p I'd rather lose editing of controls and have the scroll wheel do what most people expect it to do: scroll.
Certainly the instruments panel should scroll -- it doesn't have any mini controls in that panel. With a large template, you want to be able to scroll quickly to find, edit, and activate/deactivate instances to save precious CPU cycles!