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Hmm. A compressor would eat yet another slot but taming the peaks seems like a good idea.
Favorite chain from yesterday: Obi-Wah > Voice Box > Stereo Delay > Particle Verb
Now, what I'd really like to do is be able to route some of the loop through dry while running the above chain 100% wet — i.e., I want to hear my loop but I don't want to apply each effect in turn to a little bit of the loop. For pure ambience effects, however, it may well be fine to affect the whole loop signal.
Mark