I always play with a very small amount of either delay (most of the time) or occasionally a small amount of reverb. I strongly prefer them be in the FX loop. They are so much quieter for me in the FX loop and it allows me to have overdrive delayed or reverberd instead of overdriving my delay or reverb which sound muddy to me and loses some of the transparency that I am wanting. Just a personal preference but a strong one for me.
The idea of using the cathode follower & tone stack on the 2nd gain stage as the FX send is not new to me. I had someone suggest the idea to me and tried it and found out it worked fantastic for what I was doing. I've done it on several amps with success. Later on, I found others had already discovered the idea (including Doug Hoffman using something similar on Marshall amps). In my implementation, I was using a mosfet cathode follower which allowed me to use that 12A_7 triode for the return of the FX loop.
I don't think the mosfet CF and using the V2b for the FX return is superior. It's simply a good sounding minimalist approach. There are some advantages of having a 12A_7 in both the V2 position (with V2b being the CF) and having a 12A_7 in the V3 (FX loop position) because you can shape gain stages using a 12AV7, 12AY7, 12DW7 (reverse one), 12AT7, 5751 or 12AX7. I've used all of those at different times in an FX loop.
It should be noted that the "return" of the FX loop works quite well as a pre-LTPI master volume.
I also found out some pedals worked reasonable well for me with a passive FX loop including a Boss digital delay and a MXR Carbon Copy. They don't sound as good to me as with an active FX loop though.
You can have an FX loop with send pot, return pot and level pot. OR you can have fixed values (resistors) in one or more of those and go that route. There is ALOT of great information on the active on board FX loop in ARCHIVES here:
http://el34world.com/Forum/index.php?topic=10208.0One of my amps has an 82k fixed resistor to ground in place of a return pot. The reality is that I adjust the FX level somewhat frequently but the send and return levels are pretty much "set and forget" for me.
There is a solid state active FX loop that I've read many people claiming to be the most transparent they've ever tried. It looks to be reasonably easy to install, so that could be an option for you.
https://store.metropoulos.net/collections/amp-mods/products/zero-loss-fx-loop-board-onlyI have found the active FX loop to be useful with a graphic equalizer also where the EQ pedal has a boost feature. The main thing for me with time effects is they add a noise at "idle" that I don't care for and they color an overdrive tone too much for my liking. Again, it's a personal thing and my thinking and experience with it isn't necessarily "better".
Unless you're recording alot at home ........... or need a volume that you could easily converse over with a normal speaking voice, I think the PPIMV is a more useful option. IF you need a volume that low, the VVR is hard to beat at that low volume.
With respect, Tubenit