Yeah, that sounds like a good place to start. I have been running my wah, compressor, clean boost and tube screamer in front of the amp and then using my Axe-FX in the loop for effects, mostly delay and modulation...with a bit of pitch shifting thrown in here and there.
Seems to work well. I did this maimly because I want to be able to bypass the effects loop completely, via foot switch, if I don't want the effects. Then, hopefully, there is no tone sucking from the effects loop. Now, I haven't been disappointed with the loop so far, no major tone lost, yet I have only played one gig and am still really in the tweaking stages of using the Mark V.
Try our the string you mentioned and see what it feels like.
Have fun!