Haha yeah, I was the same when I got my MXR in 2008/9 or so. I had no clue what I was doing. Eventually it did help me get more out of a Randall RG200D I owned back then by putting it in the loop. I don't use it anymore nowadays cause it's turned quite noisy and my living room is bright enough as it is. I have the old black version with the nuclear red LEDs.I bought an MXR 10-band in the interim for a stupid price so I don't really NEED this EQ, but everyone talks about how great parametrics are, and the price of all the other ones are silly. Still not sure if I'll keep both, but I figured having one in front and one in the loop could be interesting. Still not sure which will go where, though. I haven't used an EQ on my board since I was a pretty new player and had no idea what to do with it. I'm sure I just did a V and scooped the mids and chugged.
Having a parametric is cool because it gives you finer control over where and how you want to tweak your frequencies. However, the 10 bands in the MXR is seriously a ton of frequencies, so it's not like you're missing out on having a J.Custom when all you've ever played is a Gio. I didn't really need this EQ either, I just got it cause I wasn't using my MXR, it looked cool, offered me tons of control over the frequency spectrum, was affordable, and I wanted some more real knobs to tweak irl since I only play through plugins these days. Try it, and if you like it enough, maybe you'll decide to turn a small profit on that MXR you've got