Yes, both guitars plug into an A/B switcher (Korg Pitchblack Plus), and then onto the HD500 guitar-in. I have created several patches, for electric and acoustic.
I have not yet managed to separate the outputs per preset so all patches use the balanced XLR outs. Subsequently, the electric patches include amp sims. It all sounds fine, but I do prefer the sound of a mic'ed real tube amp. So I was looking for a way to route the electric patches to unbalanced output (set to amp), and the acoustic patches to the balanced XLR (set to direct). But I will definitely try the FX-SEND option, even though it would mean adding a DI-box. We play fairly large theaters so cable length is definitely a factor and 20+ mtr is not uncommon.
Resulting question however is ... what would be the best global output setting? Studio/direct or Combo Front? This global setting affects all presets.
btw I have looked up the Helix manual and it appears that the Helix will allow output routing per preset.