guts of a Portfolio Management System

[sfca]

How does one design a corporate bond portfolio management system that includes a few hundred bonds, CDS products and CDX indexes?  The goal would be to answer questions like what would be the impact of market (or segment like an industry) credit spread move of X on the mtm as well as some interest rate hedging analysis.  I was thinking about taking the individual bond's contractual cash flows, bucketing them like Riskmetrics does into periods like 3m, 6m, 1yr, 2yr,  and so on.  Then discounting these by a riskless rate and a risky rate due to those bond's spreads, and then mapping the credit part to indexes like CDX HY.  And then there is the issue of bond optionality in which instead of buckets, maybe the promised cash flows should be mapped to branches of a BDT tree for issues of early termination.  Am I going in the right direction?  I looked at the RiskMetrics material and it would not be sufficient for serious portfolio analytics.  Any help would be greatly appreciated.