I would simply try it out.

Here an alternative, which you also should evaluate.
Sell Babyface and invest into UFX, UFX II or UFX, as this gives you more options.

I am using an UFX+ in my guitar rig and am bulding a parallel effect loop by this.
Since then my sound is much better, more powerful, as it doesnt go 100% through 2 Multi-Effects.
Its has more "directness" or punch when playing as the TM FX routing allows me to
directly send the Signal from Effect Send to Effect Return and then route on top a little of the effect additionally to it.

By this:
- I keep the punch of preamp towards power amp
- I can record fully stand-alone, guitar and mic'd signal.
- I can enhance or reduce the amount of added effects on the multieffect by changing input gain of my both multi effects
- I can use Mic 9+10 for instruments (Guitar, Bass) and can give channel 10 +3dB more gain
  to adjust the volume for single coill guitars.
- using ARC USB I can store 8 different TM FX snapshot with different boost levels towards
  - Amp Input
  - Effect Return towards the Power Amp to make it neutral, higher or lower

Very handy to be able to use AutoGain to get the proper input level for the Instr inputs 9+10
and the Mics which are here in 11+12.

And you can use the UFX II as field recorder fully standalone and eventually record on top some stuff from the mixer if you want for the band ....

If you take the UFX+ then you can record a lot of channels more on top, if you have i.e. a digital mixer with MADI card like i.e the Behringer X32.

I use TM FX to:
- do the routing
- use different line levels as booster if wanted
- to record the instrument directly
- to playback only the instrument to perform the re-amping

I use re-amping to perform things where you want to have 2 hands free:
- find the sweet spot of Mics
- fine tune the amps settings
- fine tune the effect settings

Here the article, below the wiring / routing schema:

http://www.tonstudio-forum.de/blog/inde … arren-Rig/