You can do that - use macros. Each macro is a group of actions that can be called from any button, preset, etc., and can have up to 32 actions. An IA button can run 20 actions when it's pressed. Those actions can be individual MIDI messages, but each action could also be a macro. So really, a button can send 20x32 = 640 MIDI messages. (You could get even trickier with Sysex messages, but that's the advanced class).
I just had two other MF104 owners contact me, and in our discussions, it seems like macros are ideal for making presets for the MF104 (which doesn't have presets of its own). A macro can send a specific delay time, feedback, etc. and you can call that macro whenever you need that certain "preset".
I hope that makes sense - please let me know if you have any other questions!