Your parallel mode sounds like a great idea. Guitar effects in the studio were typically run in stereo anyways.
I've been going down this rabbit hole myself lately. I wouldn't swap out a mono in/stereo (dm101) out delay with mono in/out (sending, memory man). The stereo in and lack of on-pedal warp/twist footswitches made me lean towards the re202 over the dm101, even though the re202 doesn't have stereo panning and you should be able to use an expression pedal to approximate warp/twist.
The only drawback to the parallel signal chain is that you won't have those other effects on the repeats, but the dm101 does have it's own modulation so you're not left with totally dry repeats.
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