No, the effects send wont have much effect. Assuming that you are returning it into your 5/6 and 7/8 inputs 1/4" inputs and your getting the signal off the L/R bus, you'll end up with some of the signal dry and some with the EQ on it. Of course, if you don't return it to anything, it certainly wont have an effect

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I'm not familiar with that EQ unit, but assuming it only accepts line level inputs, you will either need to use a pre amp to get you inst/mic up to that level. Or, you could plug your inst/mic into say channel 1, pan it all the way right, crank up the effects send, plug the EQ into the effects out, return the signal from EQ into say channel 2, pan channel 2 all the way left, and select the track to record on as getting it's signal off the left bus.
Make sure you turn the effects send on channel 2 all the way down though!
On mixdown, just put it inline between the 414 line outs and the mixdown deck.
Ziller
Even better, instead of channel 2, just plug into the channel corresponding to the track you're recording on, and flip the switch to record on that track, then you don't need to worry about the pan settings.