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Personally, I run my bass into a Lexicon MPX G2 and then take the stereo output from that. However, there is nothing wrong with splitting an active signal with a Y-cable. This means that you need to first run your guitar into either a preamp or DI, then you can use a simple Y-cable to split the signal. If you attempt to split the output of a passive instrument using a Y-cable, you make like the sound or you may not because the sound out of a guitar is dependent on the load placed on it.