Video Toaster was a hardware expansion card. The Specific software likely wouldn't work without it, since it went through the video input/output. It doesn't have lightwave3d either, but does seem to have some model packs for it.

That wouldn't make sense without the hardware (where hardware includes the Amiga itself; a modern PC doesn't have composite video output suitable for combining with other composite sources).

Maybe an HTML5 video element could be used as the emulated other source

well duh.. emulate the software.. i just want to push buttons and drag the fader..

That would be an amazing thing to emulate. We still have to work on printer support for DosBox though.