I've always used the built in noise suppressors in my Rocktron Xpression and Boss SE-50, and these have worked well enough that I never felt the need to buy a dedicated suppressor like the ISP unit. Heck, I think even the suppressor in my V-Amp is adequate.
This is just my opinion, but I see no need for a compressor if you are playing with distortion -- distrortion is already extremely compressed! Where I think compression has some value is if you're doing a lot of really clean picking kind of stuff, especially in a studio environment. Even then, it is a very subtle effect. I personally don't use compressors. When most of us are playing live, we usually have enough volume going on that there is natural compression occuring anyway.
If you are going to use a compressor, though, you really ought to put it in front of the amp, not in the effects loop. A compressor in a muti-effects unit in your amp's effects loop isn't going to do much of anything.
I would recommend you go down to your local store, plug your guitar into a compressor pedal and run that into an amp. Play your style of music (with gain and volume set accordingly) and see if that pedal really does anything for you or not. I did this 20 years ago and found it did not.
Gary