I appreciate everyones quick and detailed response. Sorry it took so long to respond.
Waymda, you are correct in your assumptions on how I would like to use these two inputs. I would like to create a separate sim for the Piezo pickup for just acoustic sound and I would like to blend the Piezo sound in with the magnetic. I believe the combination of both pickups with separate effects on each can create a unique sound. At least thats what I'm hoping for.
I would like to hear if anyone has had success in trying this combo out.
Ricstudioc, Thanks for the detailed description on the input configuration! I'm assuming the Aux in on the LT has the same capabilities as the guitar input?
Silverhead, I see where you were going with this. Do you actually have separate sims for certain strings?
Thanks everyone, this has been very informative!