Yes, but you don't need to do that. Output 1 volume controls both. There are both XLRs and 1/4 on the back of the Axe-fx. You can use them at the same time. So you can just use the 1/4 outs on the back of the Axe-fx to your in-ear system. Alternatively, if you are not using output2, you can use it for you in-ear system. This would give you independent volume control (not a biggie because yoour IEM system can do that too) and seperate global eq for the IEM out.
Absolutely... much flexibility built in. However, if you go this route be aware that what you send to FOH/PA will NOT be the same as you hear on stage. This is big deal for some (me!), which is why they (me!) run FRFR on stage - to hear same sound as FOH on stage. Some mic the cab and turn off cab sims in the Axe. Others have a setup similar to yours question. Amps used range from ART and Carvin to Matrix and ... and there's a multitude of different cabs being used.Can one set of outputs have cab emulation and the other no cab emulation? So that you could send the XLR's direct and run the 1/4" to a poweramp and guitar cab? We play all kind of venues, many of which don't have the greatest PA, so it would be good to be able to run it direct when possible, as a half-stack when needed, and both on occassion...