The Alesis I02 doesn't come with ASIO drivers. (I owned one years ago as a back up for my laptop/since upgraded).
Alesis suggests you use ASIO4ALL as a driver for the for the unit. im not sure what your using for a driver but this will have a direct effect on latency (for Audio and Midi).
I don't suggest using ASIO4ALL anymore, there seems to be more problems than there used to be.
However at this point, if you can not remedy this latency issue, you might want to try ASIO4ALL.
Just read the instructions. if set up correctly, you will have better results than you are right now.
A lot has changed since 1998, including the way drivers are processed through you OS.
There is a lot to catch up on.
Good luck.
Chuck