Yo Rib-Eye Steak:
I've had two 488s and yes you can do what you posted. You can hook up two different reverb boxes to the 488 and get some good variety. If I remember, each track can do EQ. It's a SIAB that will give you good quality for cassette tape. I still run some of my 488 tapes into my digital SIAB and get great results.
When you overdub on the 488, you MUST put recorded tracks into the CUE mode or everything will get screwed up.
It's all in the manual.
You'll have fun with that box.
Green Hornet
