Does the DynaVerb apply the compression only to the reverb or to both the reverb and dry sound? Actually my question is can it be set as if using a compressor pedal for the dry sound + reverb on top?
Well, dry sound is unprocessed sound. Therefore, technically speaking, if you set the MIX knob to 100, then both the reverb and "dry" sound will be compressed. If you set the DECAY knob to 0, this effect can be used as a standalone compressor or gate.