I do this with a THD Univalve using the Guitar Level output on the Uni. No amp sims in the Axe, just cab sims and FX for recording. I also use the Uni's speaker level output to drive a 4x12 cab and the same time.
Guitar>AxeFX>Univalve>AxeFX
And I can boost the signal going into the Univalve by upping the output volume on the Axe.
By micing the cab and using the cab sims at the same time, I'm able to blend the two signals if I'm recording with a Focusrite Scarlett. (Just gotta get the Spidf connection working right, forgot how I did that before)