I haven’t tried this to confirm, but I’m assuming that if you’re talking about maintaining 8 individual track global mutes from internal and the “mute all” pattern mutes via your 1 track of midi, then it probably works.
I think that if you try to do it with all green or all purple (midi and internal being set to the same mute family) anything you currently have muted on an individual basis will unmute itself when you hit the midi track configured to control the “mute all” while all currently unmuted will fall silent as intended. So that’s not what you want.
I’m guessing that this is the case because the nature of mutes is an on or off state with the same control, also that the CC used for mute (94 global / 110 pattern) is not accompanied by an unmute CC, so it’s likely acting as an on / off switch for the affected track’s audio.
If you try it and it works differently then great, but I think that this will be the result.