depends on the amp,
you need the amp schematic and to look where the loop is in relation to other controls. usually its after any EQ i think, but can also bypass master volume controls. presence controls are usually not bypassed but thats probably because they work using negative feeback from the powerstage, although im not sure they actually work if you us an outboard preamp
some amps have the master volume before the FX loop, so youd bypass that. you'd also bypass channel volumes.
some amps have fx return level controls, but i think you'd be controlling volume using the output level of the preamp.
i think some amps have FX loops built for certain levels. mic and line level effects. that might cause an issue?
i guess someone who knows a lot more than me will pipe up soon.
ive slaved heads together before, but not done what you're suggesting.