Anderton
Why not use the external insert plug-in? It pings for delays and compensates. 

Thanks man. This was discussed earlier as something I already do but I was needing to learn how to 'record' that external insert as the outputs on my interface are very limited. Cheers.

Before the introduction of patch points, the usual method to capture the output of an External Insert was to do a real-time (non-Fast) bounce to track with the live input enabled, which is actually a little simpler.
 
Correction: I just double-checked 'cause I hadn't done it for a while, and it's not necessary to enable Live Input, just uncheck Fast Bounce.