>but at the same time would you be able to go and experience the joys and wonders you create?
Yes, if you want.
>Would you be locked to sitting in your respective zone of existence and simply monitor and observe everything for all eternity
Only if that's the way you want it to be.
You are not really grasping the concept of a god. What you're proposing is that you are some shut-away demiurge constantly shitting out matter that he then jettisons while sitting there desiring all the things he jettisons from himself. If that's your idea of a god, then the basic terms of this question are premised on a fundamental misunderstanding of creation and the act thereof. To create a thing which you love, out of love for the thing created, is to enjoy it in the way that a parent loves a child. To understand that it is ALL your children and that even so-called 'destruction' is just change and that is your nature and also your eternal moment of victory, that is godhood, immanent and direct, and it is also perfect enjoyment.
To be a god would not involve being without pain, but it would involve being without the delusion that pain or grief or any of these things are bad or in some way say something true about your eternal state. You would enjoy them in the way that someone enjoys a good movie or a video game on hard. Plenty of people can't stop sucking Dark Souls' dick even though that whole series is 99% losing. You must follow the Dwarf Fortress model; losing is fun, pain IS pleasure, not enjoying IS enjoying, you must learn to enjoy not enjoying for its own qualities.
Basically the question itself is wrong.