This setup is ok. As long as the effect send signal isn't too hot, otherwise the input to the i2M may clip too often.
Another option. Because the input to the i2M is very high impedance, you can split the signal before the i2M using a "Y-cable" so you can feed the i2M and your amp directly from your bass. This shouldn't affect the bass signal significantly. But for purists, with high-quality instrument cables, it's still better to do as you suggest and use the effect send to ensure the original bass sound is optimal.