CJaysMusic
You cannot use an external insert on a VST.
Sure you can; External Insert in the FX bin of a Synth or Instrument track works just like it would on a normal Audio track. The only challenge in this case is the physical routing and impedance matching of the signal.
I'm not familiar with the routing options of the Akia EIE interface. I assume the insert circuit it's designed to operate only on the input signal, but in this case it would need to be able to route the
output from the DAW through the insert and back to the DAW input.
If it can't do this, you'll need to use a "re-amping" box to take the line-level signal from and interface output into the high-impedance, instrument-level input of the pedal FX, and then route the ouput of the pedal to a Hi-Z, instrument-level input on the interface.