The feasibility of using your effects return as a quasi-second channel is going to depend on the type of amp that you have. Effects loops in amps, IME, often run at line level, so even if the effect return could serve as a second input of sorts, the signal level coming out of the F deck might not be strong enough for a line level input. I've owned amps that have a Preamp Out and Power Amp in, which are sometimes (but not always) instrument level signals. Plugging into the Power Amp In ,however, usually interrupts the circuit (as in, the amp is expecting to receive a signal that exited the amp via the Preamp Out), effectively disabling the preamp if plugging an external sound source into the Power Amp In. Again, this is all dependent on the intent of the amp designer, so I'd recommend reading the owner's manual to see if there's any guidance on the limits of the different inputs and outputs on your particular amp.
I use my Genzler Magellan amps in a similar fashion, though I plug an external preamp into the "Aux In" on the back of the amp that is capable of sending a hot enough signal. It has worked really well for those occasions when I am doubling.
Regarding the voltage level/output gain on the F deck - would there be any improvement in performance running at 18v? Francis Deck is a member on here
@fdeck and may get back to you if you message him.