Sure, this works fine as long as you can avoid latency. I wouldn't use any of Reaper's built-in reverbs or choruses but there's some interesting delays at least. It ought to work like in an effects loop like pedals would - guitar->preamp or amp head->fx loop to interface into reaper and out->back into amp or cabinet, unless are you looking to record into Reaper at the final stage.
It's kind of unwieldy though - more trouble than it's worth to me after some experiments. It has the disadvantages of both actual amp recording and of simulation while canceling most of out the benefits of either. It's interesting that you have such a distate for amp simulation yet you want digital reverb, as the two are so intertwined.
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