I think his reasoning behind the set-up is to not have to do a tap dance routine when going from clean to dirty. On one channel he gets a clean chorused compressed tone, and with one click of a switch he gets a dirty eq'd tone.
You might also want to look at the Boss LS-2 line selector. It might do what you want for cheaper.
BTW, I run my set-up just like you do Tele... guitar--volume--wah--od--chorus--delay--amp