So if I understand correctly, each FX's switch output and input would go wired to the shared jack output and input?
This would make 2 Fx in parallel and not in series (assuming there would be no feedback between them when both are on).
For some fx it could be fun to experiment with this, but for others it may defeat the purpose of stacking pedals.
SeaWitch, may I suggest that you get a s***load of alligator clips, try different configurations with those specific FX and see what fits best to you
If you could also update us once it's done with your results, for knowledge's sake, I'd be grateful!
Cheers