It'd also give more options for FOH and foldback. On foldback you could have mostly the unprocessed mic feed, with just a bit of processed so you know what's doing, which would help to reduce the risk of feedback. On FOH there's a definite risk that the FX could make it impossible to hear your voice, and you won't know about it bcos you can't hear FOH, so giving the sound engineer the option of adding a bit of unprocessed vocals would help there too.
Using a Y-cable for splitting the mic is possible but is probably not a good idea here. One end of the mic signal is going to the Pod, and if the mixer has got phantom power on the mic channel then you're stuffing 48V up your Pod's input, which will make your Pod rather unhappy. A transformer splitter box (cost £25ish) prevents that happening.