The SF-2 manual shows several diagrams in which it is connected between pre and power amps. For what you're describing, you would go to CH A IN, set the switch to MONO, and use CH B OUT, giving you the 3 channel mixer setup.
(The preamp built in to the SF-2 only applies to the front panel instrument input, and is disabled if something is plugged into CH A IN on the rear panel.)
For what it's worth, I do use one channel of mine on the ELF path, and find it useful - you don't necessarily just add bass with this thing. But I suspect most people would find it more flexible to be able to use both filters on the full range cabinets.
-bob