#1
Can i get a decent acoustic sound through the peavey 6505 hm clean channel with the aroma aas3 ac acoustic simulator pedal and if so should i go use the fx loop ?
#2
If the acoustic simulator pedal is a clone of the Boss AC-3, then no. You can do it, but honestly cheap acoustic simulator pedals typically sound like crap through conventional guitar amps and cabinets. Guitar amps typically lack clean headroom, thus they distort and compress the signal, they input their own tonal colouration and the speakers in guitar cabinets simply cannot reproduce the high treble frequencies present in acoustic guitars thus they tend to sound really muddy and thus not really like an acoustic at all.

It ultimately depends on how seriously you want to take acoustic simulation. For a cheap, convenient quick fix in a live situation or something, they suffice. But just don't expect the tones themselves to be very high quality. If you actually want to sound realistic, dump the pedal, fit the guitar with a good quality piezo and run your guitar into a flat EQ high headroom amplifier with an FRFR cabinet. 

Alternatively if you want to sound realistic without needing to buy any of that gear, then it's time to buy an acoustic and an AKG414
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#3
T00DEEPBLUE yeah the pedal is a clone of the boss ac2 and i just wanted it for live sound .thanks for the information ๐Ÿ˜