Ok so here's a question I've been wondering for awhile. Don't know what to google really:

say I have a condenser mic I want to plug into my mixer. Done, turn on the phantom power and you're ready to go. Now say I want to add a dynamic mic and my mfx processors outputs that are in xlr balanced. The phantom power is on for all XLRs that my board has. What are my options? To use a separate phantom power unit for the condenser mics and have the mixer phantom power off? or ... I'm not really sure
the phantom power shouldn't really affect/effect (whatever) the dynamic in any way. You can have it on and still have a dynamic plugged in.

Of course, I could be wrong.
Phantom power can be left active for pretty much all dynamic microphones. There is probably some obscure microphone somewhere that can't deal with phantom for some reason, but if you're using dynamic mics made in the last 30 years you should be fine.

And as far as the fx are conserned, it depends on what fx you use, some digitech I found can't handle phantom, but I'm pretty sure there are some that can aswell.
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oh yeah, mfx...
My reverb/delay/chorus has always been sweet with it. The thought had never even occurred to me though