either way...
From what I've gathered, the lack of moving air in real space with speakers will be your weakest link (although I could be wrong). I can't say much, I mostly record my guitar direct just like you mentioned (first to my weak-ass korg pedal, from there direct to my mixer serving as gain control/preamp, direct to L-in on the audiophile)... but it sounds weak, literally. Even running through a broken old off-brand amp and micing it in my tiny, unconditioned bedroom-sized studio space sounds better and fuller (but also louder... no guitar wailing in the house after the kids go to bed
). But the setup you described should work fine, and using a separate pre might give you better input gain control than I get with just my little korg pedal. Plus there are a lot of software effects and amp/cab modellers out there... I've found for direct just the tiniest bit of reverb can help the sound a lot, although the distortion or other effects if any come from the pedal rather than software. Still not great, but it sounds okay for simple composition. Really, it can be done either way, but software will impose a greater load on your CPU and memory, especially if you're monitoring the effects live. Plus the good sounding software is generally really expensive.
As a side note, a buddy told me I could just as easily plug the guitar (or bass in his example) directly into the mixer (I use 'bypass' on the effects pedal half the time anyway)? Is this because my mixer is amplifying the signal, or could I just run a 1/4" to RCA from the guitar directly to my soundcard with the same result? hmmm maybe I'll try when I get home...