If you want to keep it simple, then that's easy enough to do. You set up Preset 00 on the Mustang III to be the '65 Fender Deluxe Reverb, no effects, and there you go. Instant Blues Deluxe clone. All the knobs on the front of the amp will work too, but the preset has a memory, a "default" if you will, when you turn it on.
Here's the thing. If you don't need all 100 watts, you might consider the Mustang II. It's 40-watts, doesn't suffer from the "fizz" issue, and has all the same tones and stuff. Problem is, to set up the presets you wanna use (like the Deluxe Reverb), you'd need a computer with FUSE for that one.
Up to you. I wouldn't mind a Blues Deluxe myself, but I don't have an extra $1,000 to throw around. If I did, I'd get the Telecaster Deluxe that I've had my eye on for a little bit now.