It depends on what aspects of the violin you're trying to get. To me, the primary aspects I'd be looking for are sustain and limited attack.
I say limited attack, but kinda, whenever your bowing a violin, you have attack, but with the pick, the start is noticably louder. The Boss compressor I have is also a limiter, to bring down louder sounds as well as bring up quieter sounds. I also use a volume pedal to hide the attack. You can use the volume knob, but if you're picking, your hand is busy. Some of the aspects of pick attack that call attention to themselves can be minimized by pick material. My general pick preference is Dunlop Ultex, but their Tortex are softer and less clicky. Alternately, get really solid with your legato playing.
For sustain, you want some compression. You can get that with overdrive or turning up, but a compression pedal gives you some of that without the dirt. If you use a boost pedal (or add volume from the compressor), you can use a volume pedal to compensate for note decay; that's how pedal steel players do it. To cover up gaps between notes, I like a little delay, as well.
As mentioned, you kinda get both effects with the EBow, and because the patent expired, the are now competators. Some guitars have a sustainer unit. My EOB Strat does it, but the effect comes in a bit later than I'd like, and not particularly well on the B string. I recall the EBow coming in more directly when I've played with one, but I'm not sure.
Then there's range to consider. The lowest note on violin in standard tuning is the same as a guitar's open G string.
I'm seeing violins as low as $88 on eBay. It will take some time to learn one (guitarists don't have internal intonation, bowing is hard, and holding an instrument under your chin is weird), but unless you have an EBow, compressor, volume pedal, etc, already, it's cheaper and easier to just get the right tool.