The idea of running it out of the preamp out to the mm preamp and back into the preamp in of the same preamp is to use the MM preamp like an outboard processor, much like people used to do with equalizers and such in the past. I didnt meann to imply using two line preamps.
I don't see how that could even give you a complete signal path. If you have only one preamp, its input select switch will only be able to select EITHER one of its line-level inputs, such as Aux, OR the MM phono input, not both.
If you were to connect the tape output to the MM phono input, you would have to set the input select switch to Aux to get the signal to the tape output. Therefore the output of the MM phono stage would go nowhere. Also, many preamps don't provide any gain between the line-level inputs and the tape outputs.
If you were to connect the main output of the preamp to the MM phono input, and select the Aux input, again the output of the phono stage would go nowhere. If you were to select the MM input instead, with the volume control turned up significantly, you would essentially have put a feedback loop from the output of a high gain amplifier back to its input. A high volume oscillation would occur, that stands a good chance of being destructive.
Apart from the oscillation scenario, btw, it is unlikely that overloading the MM phono input would be among the problems that would be faced. Most preamps provide overall gains from their line-level inputs to their outputs (with the volume control turned all the way up) that are in the rough area of 10 db to 20 db or so. 10 db corresponds to a voltage gain of about 3; 20 db corresponds to a voltage gain of about 10. So the output of a 0.5 mv cartridge would only be stepped up to roughly 1.5 to 5 mv.
So the bottom line, as I see it, is that using one preamp simply won't function, while using two preamps will function but probably in an unacceptable manner.
Regards,
-- Al