I don't think there is any reason you couldn't use an overdrive in your effects loop except it would probably sound like crap at high gain levels. Most OD pedals like seeing a guitar level signal as input, and their purpose is to push the preamp of your amp into breakup/distortion.
I think HBE was probably responding to some yahoos who got one of their pedals, stuck it their FX loop (hey that's where the effects go, right??
), and then promptly returned it saying it sounded like crap.
(Now adding a clean boost to your FX loop may be a good thing if it preserves your post preamp signal and just bumps the volume up a bit - try it and see).