Hi Chip,
Yes that pedal will work for your MIDI program changes, but it seems like the limited controls will be cumbersome after time.
I would suggest that the first thing you do is figure out how many different tone patches you need with the MP-1 first,(i.e. how many sounds you need for your guitar from clean to distorted). This is where you need to do a bit of thinking and planning. First create all the guitar patches you will use in a live situation. Most players have three or four basic tones for their guitars. Then figure out which effects patches you want to use with each of the guitar tones you've created. Now when you have all of this completed, You can save all the guitar tones you created to the MP-1's Bank 1 which will be the first 10 patches you'll see when you power it up. You should be able to save your effects patches in the first 10 program change slots in the QV, and have the patch numbers match the patch numbers in the MP-1.
With this setup, when you hit button 1 thru 4 on the footswitch, both the MP-1 and the QV with go to the same patch numbers. So you can set up four patches with effects, and four patches without them simply by editing the effects loop in or out in the MP-1. This would be the simplest way to organize this setup and have it work for you, all by having everything in the same bank. When you hold down the button for three seconds, it will give you presets 5 thru 8. (That's the part I would find cumbersome), then to go back to the original four, I believe you hold down the opposite button for 3 seconds.
I had something similar early on when I got into MIDI with some Digitech gear I was using, and there was a two-button MIDI footswitch that operated like that. I didn't like it at all for a live situation, so I got rid of that stuff, and went pro all the way.
I would recommend looking for the ADA MPC pedal which is much more compact than the MC-1 and will fit in your rack. Unless of course, you want to go with MIDI CC as Richard suggests, then the MXC, Quad switch and CCP, would help you. Of course there are other choices out there you can look for that have all of that in one package. You'd just have to pay attention to the physical dimensions to be sure it will fit in your case.
Harley