That would be unwise for the reasons stated previously on this thread, and it’s also illegal in several countries.
Ground loops happen for a multitude of reasons, all of which are beyond manufacturers’ control. The ideal electrical connection of any home or business would have a stable and balanced circuit, but this rarely happens.
For that reason, even two modules in a rack touching each other can produce a ground loop – which is why it’s always recommended to use isolating washers between screws and the rails and at times a rubber mat between them. Some concert houses have massive power snakes that can connect 20+ electrical plugs, so that all amps, synths and other gear can be connect to a single AC source, therefore having all ground connections at a single point. It doesn’t always work, of course, and a loop can happen between two amps connected to the same effects rack – or even to your MOD.
Lifting the ground can be of help, but as always, it has to be done very carefully. If you have your gear set up like @Sorkycat describes, whereby
that might be an acceptable solution under those circumstances. (But please notice that I do not endorse any such solutions.)
Ultimately, isolating audio transformers are the best solution, and there are several high-quality isolating devices in the market.
Sadly, I have not seen the power source of any average equipment to have those wbuilt-in since the late 80s. Only high grade stereo amps, medical equipment, critical networking switches, aeronautical equipment, and a few others come with such isolation devices these days.
Again, let’s all make great music and be safe.
Some useful links: this article from Sound on Sound has a good and clear description of ground loops in simple terms. This document from Texas Instruments has a more technical description – and mind that TI makes a lot of DSP chips used in music equipment.