Heh, if it's on the master out, then the minute delay isn't gonna change anything, much like the delay your limiter also probably induces
And yes, distortions can be very good mastering effects. I have a mate who swears by Live's Saturator (another distortion effect) to polish off his tracks, whereas I generally use Logic compressor's soft distortion algorithm. Well, either that or Ohm Force's Ohmicide