Ok I use a talkbox myself. I've had the Banshee but now I've got the MXR one.
I would recommend actually running the talkbox in the Effects loop. Make a parallel route from your guitar signal for the Effects Block. Have the effects send going to the input of the talkbox. This way you can leave the talkbox constantly on but use scenes to switch on your FX Loop Block on or off to feed the signal to it on or off. Effectively this will give you one less thing to switch when you want to use the talkbox and changing scenes at the same time. This way you don't need to run an extra lead from the talkbox output to the axe fx (leave the pedal output unplugged).
Set output 2 on the front panel to max (unity).
Now if you really want to do some really cool stuff get yourself a small vocal preamp. Run your vocal/talkbox mic into it and send the output to the effects return on the Axe Fx. This way you now have the normal guitar signal running through your axe fx (of course) but also your talkbox tone as well as your vocals. Now you can use the Axe Fx to put effects (delays and reverbs) on your talkbox or use it for just vocal effects too when you are not using the talkbox. I recommend putting a Gate/Expander Bock on the vocal line(just in case of feedback too). Set the effects return to mono in the I/O page (i think).
This is how I am running live. I have a small ART Vocal preamp mounted on my pedal board for my vocal/talkbox mic and I couldn't be happier with it. Here's a pic of my compact board and you can see the talkbox and the small preamp there too.
https://www.facebook.com/photo.php?...247.1073741826.100000490942422&type=1&theater
In the photo you can see a little 4 channel patch bay that I made. Only using 2 channels. White is effects send (from Axe Fx) to the input of the talkbox and red is output of vocal preamp to effects return (of the Axe Fx).
I hope this was more helpful than the previous poster.
Feel free to ask any questions.
Talkbox rules!!!!