So I tried some M Audio near field BX5's on multiple reccomendations and noticed some improvement in the overall sound but not to the extent that I had hoped. If volume wasn't an issue I'd probably use the monitors but then again, if volume wasn't an issue I'd pull the old ADA MP2 out of my rack and hook up the XL+ to the power amp and just do that. I am looking for great tones at lower volumes at this point in my life, which is why I got into modeling software in the first place. I'll be grabbing some good flat response headphones to replace my boosted Bose QC15's. I talked to a pro-audio tech who mixes a lot of guitar in the studio and he swears by the ATH-M50x which he uses with two other flat headphones in a rotation. I guess he could listen to his mixes on all three headphones and makes any corrections based on a consensus of sorts.
I was also told that of the artists who do use the Axe FX at his studio - most have their own effects and just use the Axe FX for tone.
Even though I can't crank up studio monitors and have basically gone back to cans I am starting to see progress. The Mark Day's HBE preset is reasonably close to what I am looking for and I'm starting to get some great tones from that configuation. Going back to my first Line6 POD XT, my first modeling unit, I've always started with a decent sounding preset and built around that. Right now I'm studying that preset and I've started to figure out what I like about it, how it was built and how I can build my own base preset using a similar chain and settings.
I also found a great user Axe-Change bass preset that sounded great out of the box so my first experience with the bass was very promising. I still haven't had the time to connect to a DAW but I'll probably make a few short recordings over the holiday weekend just to see how that sounds. I also have an expression pedal to work into the rig so I still have a lot of things to try out including my own pedals. Even with software I've usually gotten better results from actual hardware vs virtual. I'm sure someone has tried a tube preamp going into an Axe FX and I might look into that if recommend.
Thanks for the responses, even if I don't take every recommendation I do appreciate the helpful advice.