If I'm reading your question correctly, yes plug your XLR microphone into the XLR input on the back of the HD500X. Start with the gain knob, back there next to the XLR input, turned all the way up. Then, using the HD500x editor, route channel B to the Mic. Keep Channel A on your Guitar. Now you have two signal paths, Mic and Guitar, that each can have their own FX blocks. When you get to the mixer, route channels A/B to L/R so the two signals come out their own L/R outputs. Be aware that 1) you lose stereo output, and 2) if you put any stereo FX after the mixer then you'll mix up the MIC and Guitar audio.
I'm writing this from memory, so I hope I got this right...