the architecture is open, so, indeed, you can have a compressor running on I/O 1 and the rest of the Virtual rack on I/O 2…
you'll end up with a *MONO*, strictly mono, use of the H7600, because you are separating channels 1 and and their respcite analog I/Os into separate paths.
If you want to keep the fx in stereo (delay/shifter/reverb) you have 2 solutions:
-use an analog compressor in your rig and let the H7600 do the stereo fx
-get an H8000 to separate fx across different presets the 2 DSPs can load at the same time.