does it work exactly like the volume knob on the guitar? can i use it to get a good quality clean tone by setting it to a very low volume but keeping my guitar volume at 10 (on a single channel amp with a fair amout of gain and distortion)? will it sound the same as if i were to just use my guitar volume?
It should. It's just a volume pot, after all.
well the higher the gain, the less clean the sound will be when turned down. If you can find a sweet spot with good overdrive and good clean, it should work great.