Recording with an external Microphone on the Micro BR 80

[keithpitts]

Can you record the input from the mini line in stereo jack and still run a guitar through FX patches at the same time?. I will be using a mono Audio-Technica U851A UniPoint Cardioid Condenser Boundary Microphone plugged into the stereo line input jack with a mono plug, I hope this will count as track (1) and the guitar will be track (2) also what mode do I need to be in?
Thanks
Keith Pitts