That's something I was not aware of. Had no idea there was latency settings hidden beneath the hood. What I ended up doing was using a plugin called NadIR ... which is free and very low CPU. But I could never quite get the plugin to work right. It has two loaders ... or I mean, it is two channel ... so you can run two IRs at once. For instance, if you want a mic on the front of the cab and also one on the room ... you can do that. But with my version of NadIR, I could never get that second channel to work ... or, for that matter, any of the adjustment settings on either of the channels. It's as if mine runs in stripped down, demo mode or something.
I'm looking into this one right now. It's not free, but if it works, I can lose $50 ... just trying to determine if you can load third part IRs into this bad boy or not.
http://www.redwirez.com/mixir2.jsp