In my opinion, I might say "most definately". I think routing a return thru a fader to use EQ is fairly common, especially in the days of plates and reverb chambers. Nothing says you can't do other stuff to it too. Just so happens, a lot of manufacturers think they came up with a reverse reverb patch too. But compression, gating, time delay effects[additionally]....go for it. I think because many current units offer a zillion presets, people think they need to search for the 'right' one.