Interesting question. Without having the T-Racks option in front of me to try, my guess is that using two in series would create more of an "effect" than an emulation. Whether this is a good thing or not would be up to your ears.
Remember that consoles "back in the day" tried to achieve the best response possible using the technology of that time. So, the change they introduced to the signal path was subtle; for example several consoles used input transformers that colored the sound in ways people considered (and still consider) desirable, while slight analog distortions and non-linearities added a certain character. These were subtle differences, and console emulators give subtle differences.
But while we're on the subject...I've mentioned this before, but the Console Emulators in Sonar can do wonderful things with bass when used as an effect (i.e., with the controls turned up to exaggerate the effect). So really, you never know what potential lies within creative abuse

If you end up trying the dual console emulators, let us know what you find.