Well, you could probably get away with the "printing" method IF you kept your preset's updated properly as you change them!
Say you print a reverb, but decide later that you don't like the reverb, you would need to have saved that reverb to come back to it. Get it?
Also, it would take some time to record a new "print", as you could only do it in real time.
I suppose if you found a good delay time, or even used the "Dual Shift" preset, since these are realitively easy to determine, you could print those first, then save printing the reverb until the very last. That is probably how I would do it.
But, in the end, it is best to have dedicated boxes. That way, you can just adjust what you want to adjust at any time you want to.
There ARE some problems with stemming out aux sends from software and trying to monitor the effects back into the recording app. What you hear is not always what you get! If you have the Master Fader turned down in the recording app, but you are monitoring the input of your sound card, the effects, when "printed" eventually to the DAW will be quieter by how much the master fader was. Since I tend to turn down the master fader a lot in my DAW, this is a problem.
Also, there is a bit of latency! This can be measured though, and fixed by simply advancing the "print" track in the DAW after you print it. This will only be a problem with stuff where phase and delay times are an issue.