you can try it but I think the volume coming into the rack will be too low and it will be too high coming out - you coould try veils which has 20db of gain available and a passive attenuator - or a dedicated i/o module, if you have issues
using MS20 for modulation will probably work - depending on the signal - may need attenuation or amplification to get it where you want it!
"some of the best base-level info to remember can be found in Jim's sigfile" @Lugia
Utility modules are the dull polish that makes the shiny modules actually shine!!!
sound sources < sound modifiers < modulation sources < utilities