Just a side point... I use a Y splitter right out of the guitar running one signal thru a multi-effect pedal box and the other thru a series of stomp boxes. They each have stereo outputs that go into their own mixer channels.
 
I can then use either signal route or mix them as I want for layered effects.
 
This does create a slight drop in the guitar's output level but not enough to bother me.
 
To be honest, the pedal box's 'bypass' function also produces a slightly dropped signal over a direct signal.