Another thing you could try is wet/dry setup- a technique a lot of top session players are using. It involves miking your cabinet and sending the mic signal to a mic pre, then from the mic pre to the delay-based effect (like TimeFactor). Then TimeFactor output goes 100% wet to a different amp (or stereo pair of amps.)
With this setup you could put ModFactor in the series effects loop and blend in the TimeFactor using the other amp.
This is obviously a more elaborate setup but it sounds fantastic.
-Alan
