Hey Metro, there's lots of mixer choices depending what you want to be able to do and of course price
this one interested me to go in my live rack (http://www.samsontech.com/samson/products/mixers/sm10/sm10/) but would also work well in a small recording setup. It includes 2 mic inputs but only 2 aux sends which you'd use up with one stereo FX unit. I use a Behringer Eurorack UB2442FX-Pro desk for recording (and another for small live PA). Great desk and not overly expensive. 4 usable aux sends and direct outs on the first 8 channels (very handy for recording), though on board FXs are crap so I don't use them at all.
You have 2 choices with the MCabII (as it has 2 channels (pun not intended LOL)).
1. MP1 A/B out > MCabII ch1/2 in, MCabII out 1/2 > mixer line in ch 1/2 pan hard left/right Mixer out L/R to recording I/O L/R ins
or
2. MP1 loop send > MCabII chan1, MCabII out 1 > MP1 loop return, MP1 A/B out > mixer line in ch 1/2 pan hard left/right Mixer out L/R to recording I/O L/R ins
Both above preserve stereo but I'd proffer 1. is the better option and you could add a mono FX thingy in the loop. I add FX at the mixer (check my rig set up in other posts (e.g. http://adadepot.com/index.php?topic=117.0)). Also with the MCabII you can run your normal guitar amp/cab at the same time as it has 2 dry outs.
Mixers are made to be flexible so you have a variety of patching options depending on what you want to do. As they get smaller and cheaper you tend to get less options.