is this possible?

[htsamurai]

a friend and I were talking last night and up comes the subject of his band and what they need right now.
they'd like something I haven't seen before but I think could totally be possible.

a true-bypass phantom power box with 1/4" effects loop.

so in essence, imagine a true bypass effects loop with xlr in and out, with a phantom power power-supply in there.
I found some phantom power threads that lead me to believe this might actually be pretty not difficult
a lot of stuff like this
http://www.gearslutz.com/board/geekslut ... power.html


so if it's that easy I could have it 3 switches, where one switch direct bypasses, another turns on the phantom power, and the last one turns on the effects loop.
thatd make it so that the pedal could be used for non +48 mics as well, right?
could use the first switch as an on-off essentially
second would engage/disengage +48
third would engage/disengage effects loop

so it could very well be just a regular ol effecs loop with xlr in/out wired with +48 to pins 2 and 3 through matched 1% 6.8k resistors for each pin and ground to pin 1.

so then my questions would be
would I wire the power to both the in and out or just one of them? (I'm thinking just the out or both, help me out yo)

and does this all seem sensical?

[htsamurai]

this makes sense
then have a dpdt to work bypass/engage it in between the two xlr jacks.