An article has just been published on code project by Josh Smith that should not escape your attention: Piping value converters in WPF.
Basically, he has written a simple class that will allow you to define a group of converters and use it during databinding like so:
<local:ValueConverterGroup x:Key="statusForegroundGroup">
<local:IntegerStringToProcessingStateConverter />
<local:ProcessingStateToColorConverter />
<local:ColorToSolidColorBrushConverter />
</local:ValueConverterGroup>
and then use it like so:
<TextBlock
Text="{Binding XPath=@Status,
Converter={StaticResource statusDisplayNameGroup}}"
Foreground="{Binding XPath=@Status,
Converter={StaticResource statusForegroundGroup}}" />
This should prove very valuable indeed!