Hey Thorny
Yes I have done that with success in two ways:
Guitar - Gain section of my pedal board - Stiletto - Slave output - Time based Fx section of my pedal board - power amp return on a slaved combo
Guitar - Gain section of my pedal board - Stiletto - Slave output - Time based Fx section of my pedal board - power amp - 2x12 cabinet
I really like it, its a fat sound and you get the advantage of a crystal clear tone core with no fx processing changing your amp.
Downside, you need a good sound guy if you are in a big venue to mix the two scources well. In a small room you can just get out front a bit and listen for yourself, make sure your dry and wet are ballanced
Next I'm going to go stereo with the fx, it's not hard to do, my fx are stereo so its just another lead and amp.
You must feed all the amps/fx off one power strip, or your gonna get buzz from an earth loop.
I'd say go for it, it's a bit of a hassle with gear, but it's a lot of fun