Chameleon in the effects loop?

[gordholio]

Oh man, this is going to sound stupid to a whole bunch of you guys, but here's the question anyway: Can I safely place my Rocktron Chameleon in the effects loop of my Hot Rod Deluxe? The Chameleon (oringial blackface version) is a combined preamp/effects unit, but I just want to use its effects, without overdrive or distortion (and preferably withoput coloration, which I suspect is impossible). In fact, if I could completely bypass the preamp section and just use the effects, I'd be totally happy. But I can't find a way to do that.

So...how many stupid things did I just say??