I don't know much of Federal Vision. This is a movement inside confessional Presbyterianism and my light reading tells me that they are making strong attempts to bring more value and take more comfort from the Sacraments.
I am a very simplistic thinker, and the way I see it is that they are like people in a race track. They are running towards the finish line that has the label Lutheran on it, but just a few meters before reaching the finish line, they fumble and fall. They do not quite make it. The reason being their ankles are chained to a post labeled TULIP. It can not be done without mangling severely Covenant Theology.
It seems to me that once you become Lutheran thinking in your Sacraments, you will have to go and put your stress on objective universal justification because it is the center of the wheel that gives life to other parts of its theology, it is the heart and foundation of Lutheran approach to Christian faith. It is like a magnet that will pull you in its orbit, unless you are careful to resist it.
I am sorry for being reductionistic of course but that is the general drift of my impression. I am willing to be educated though.