If you are talking about using Sonar as your "mixing console" for a live venue, we do that often.
Granted, you have to be careful which effects you use on each channel to minimize the delay. You also have to keep your buffers as small as you reliably can. But it works really well. I've not had any dropout issues during our performances.
I use the Pro-Channel to apply a Gloss EQ, a console emulator and a compressor on each channel. In addition, on some of the vocal channels, I use the Pro-Channel Breverb module to give the vocals a little enhancement. On the Master bus, I EQ out feedback and tailor the sound for the venue with the Pro-Channel Gloss EQ.
I should note that we typically only have 8 inputs (mics and DI guitars) so it's small. The template I use has 8 input tracks 5 busses, including the master, and a metronome bus. We use an Octa-Capture for the inputs and to provide outputs to feed the FOH and monitors.
Finally, I use a Frontier Tranzport to control the transport to start/stop recording, add markers and enable/disable input echo on grouped tracks. Very convenient and inconspicuous during the performance.
Later,
Paul