There are technical reasons why it's bad form to put an IEM transmitter and a wireless receiver in the same rack, if they are working in the same band. If you can spread out the aerials, so they are physically apart it's a bit better, but the other end of the link has the same issue. It's called receiver desensitisation - de-sense for short. The transmitter, being close to the operating channel of the receiver desensitises the receiver - effectively making out a bit deaf, reducing the range. If this happens at the other end, then the usual reasons people don't use wireless (range, interference, unreliability) get reinforced. I too use line 6 and Sennheiser - and because they work in different bands, they don't interfere with each other. Latency is a non-issue totally. As somebody has already pointed out, the kinds of latency delays we are getting are so small they really are less than you get walking away from your amp - and of course so many people are now using digital mixers for their PA. Latency just doesn't come into it, and is just hot air put out by the proponents of analogue. There is a little compression, but for bass, that usually sounds a bit better, I find. The technical issues mean that a combined item would be a poor seller, because they'd have to market it as a fully pro product so users would have the technical skills to split their aerial system and so on. Selling to the MI market, with a full refund policy would be a nightmare!
I'm also one of those who put the TX pack on the strap, IEM on my belt.