Yes. For sure. My main concern was getting whammy/pre-amp effects 100% wet, all around.
But I've checked out differences between an effect at 50% wet at the preset level with main wet/dry at 100% vs. preset at 100% and main wet/dry at 50%. Surprisingly they sound different.
Should I start a new thread for the tap-tempo light question I'd mentioned earlier? (as it's off topic).