I'm not a big fan of compressors, but I would put that first in the chain. Personally, I find they take away too much of what tubes add (all the nice dynamics and stuff).

I normally use 2 channel amps, but I have a one channel practice amp (Vibrochamp XD) I use for in the house. I usually use the clean amp model. I have a TS808 on my board that can push it just into crunch.

Sometimes I want more serious overdrive, so I'll set the amp's gain to be just slightly crunchy, roll of the vol and/or use neck or both pick ups for the cleanest tone, and then switch over and crank it for more drive.

With only channel, one needs to find a "happy medium". You could try a distortion pedal also. This will work if you can find poe that doesn't suck. I have a BOSS MT2 and it's like playing through a jar of bees. =P

[Edit]I've heard of using 2 over drives, but have never tried that.