that's always how I'd thought of it - this thing!
just remember that disting can only do one (or 2, depending on model) thing at a time - you'll probably find you use it primarily for a one or 2 things after a while - replace them with dedicated modules and continue exploring the disting - I'm currently using mine as an extra vca - AR envelope for noiseout of deckards voice into rings - which is in turn fed though magneto with a wasp filter in the send return loop - sounds epic!
I always used to use mine as a tape echo - then I caved and got an fx aid xl and then magneto - heheh always more modules!
"some of the best base-level info to remember can be found in Jim's sigfile" @Lugia
Utility modules are the dull polish that makes the shiny modules actually shine!!!
sound sources < sound modifiers < modulation sources < utilities