Kapo- I would revise that order to GUITAR- GE7-OD-AMP...if you put the eq before the distortion it tends to make the mid bands ( or whichever bands you're boosting) more distorted and gives less "woofy" bass and "fizzy" highs. It's giving you a gain boost in the mids only. Any parametric eq will work better than a graphic eq though, because the "Q" or bandwidth is adjustable, so you can make your spike or notch VERY narrow (the key to most 80's tones from Lynch and De Martini to Gillis and Oz Fox (as well as many others)). It doesn't have to be a Furman...or even rack mountable. There have been a few parametric eq pedals over the years from Boss, Ibanez, Pearl, and Carl Martin. Some rack mountable parametric eqs would be Audio Arts Engineering, Rane and Loft.
I know for sure that the "response" solo on the studio version of "Lightning Strikes Again" was a Laney AOR cuz Lynch said so in a Guitar Player Magazine back in the day. The "call" is a Lee Jackson Marshall. I doubt that a Rockman anything was used for any of the soloing...just the rhythms. The compression in the stock Rockman stuff seems to get in the way of fast picking...like the attack time is too slow.
There are also probably "better" graphic eqs out there (for guitar) than the Boss and Ibanez versions, as they don't have the 1k band represented at all (key for VH1, and lets face it-even if they don't sound like Ed, that's what they wanted). The old (and new) MXR 6 and 10 bands, the old (BIG!) DOD 610, and the Scholz (Rockman again !) half rack space units work GREAT for guitar...as well as the OLD AND RARE AND SUPER WHACKY EXPENSIVE Boss GE10 (because Eddie used it, now Lynch uses it too) graphics are cool ( but the old MXR and DODs are kinda noisy).
EDIT: what I should have said was it makes the distotion a little more frequency selected...there isn't any more gain...