Remember that even though you'd be bypassing the preamp, you need to make sure that the FX mix control is set to "10". The reason I say this is because that circuit is designed to by series and parallel. It's a parallel circuit from 1-9 and series at "10". I'm just thinking that you may get some extra residual noise (hiss or whatever may naturally occur even if no signal is passing through it) if you have the FX mix set to anything less than "10" let alone the volume of the signal coming in to the return jack will be at a lower volume.
This brings up another possibility: If you have an ABY switch where you can run both signals simultaneously-you could experiment by BLENDING both sounds usinge the FX mix control as a mono mix control.
Since the FX loop is footswitchable-you can take it out completely when you want to use the AMP tones only by just taking out the FX loop which will avoid any residual noise from the POD.
So now your capabilities and options just tripled. Life is good. God Bless America and British amplification! I never thought about this and this is very interesting now that you've made me think about this. I'm so glad I'm off next week!
Mike 777 Haug