If Music creator doesn't work, Home studio will certainly do what you wish. I'm working on a similar set up.
I have used WAVE ( could be MP3) files for 13 years now played back from a laptop ( or Netbook) and I use win amp and a foot controller. I love the system and it has never failed me. But I miss having midi control my vocal and guitar effects like I used to do back in my Atari sequenced live midi days. I guess I could also purchase a harmonizer! :)
So I bought HS and will try the playlist function.
Because I already have 150+ backing tracks mixed to stereo I will start with dragging those to a Sonar CWP project and then adding a midi track to control to my effects. So I will start with most songs only being 3 tracks. Stereo out and a midi out.
As I have time I am also re doing my tracks and those will be available as 4 track output. I mostly want to separate my Bass to a small bass amp and I might use a small sub to enhance my kick. The rest can stay stereo.
I have no desire to be mixing channels live when I play but bass is something that is venue sensitive.
I will bounce or freeze all my synths so I'll only use audio.