As an example, with your asio buffers @ 512 samples doubling the sampling rate from 48khz to 96khz will halve the perceived latency figure in Sonar, but your CPU has twice the workload and you will need to increase buffer sizes much sooner to compensate as you increase the number of tracks/synths.
For all intents the difference between 44.1 and 48 is imperceptible, and you should choose the appropriate rate for your release medium (CD, DVD etc)
I think recording @ 24bit/44.1 is fairly common practice, and a good balance of resolution/headroom etc vs file size/performance, particularly when most final product will end up @ 16bit anyway.