Yes, it will work the same as my silent rig, except loud:
BUT, it will sound like poo until you apply the cab impulse. That's why I like using the UX-2's cab and mic sim. What I hear in my headphones is identical to the recorded tone. I can also record the track direct without the cab sim and apply it latter on just like an impulse.
Here are two examples with the above rig:
http://www.64graphics.com/clips/hal9000_F-100_Tuesdays_Gone.mp3
http://www.64graphics.com/clips/hal9000_Afraid_Dave_Superman_solo.mp3
the line out sound sucks, thats why I mike it up with akg 430 condensor mic each side. even low volume is real sound but the fans inside the aces are louder than expected.
the akg go into a small mackie mixer and then into the line6 converter afterwards to sonar sequencing - provides satisfactory sounds.