For the live monitoring/tweaking part, using an External Insert in the track's FX bin is the way to go. The main advantage of using an EI is that it will apply Plugin Delay Compensation to other tracks to keep them in sync with the delayed return from the hardware due to D/A/D conversion going out and back into the DAW (and possibly also A/D/A conversion in the hardware if it's digital rather than analog).
I suggest you try to set that up first, and report back any specific problems you encounter.
- Insert the EI
- Assign output and input channels.
- Temporarily bypass the FX on the hardware (you don't want to compensate delays that are part of the FX, just the 'raw' send/return path)
- Click the Delay button to set the PDC.
- Unbypass the hardware FX, and give it a listen.
Once you have it working on playback, Bounce the processed track to a new track with Fast Bounce disabled (with an EI, it's not necessary to enable Audible bounce or Live Input), and mute the original.