CJ... thanks for the input.... how about running the stand alone program on the same PC as the DAW?
 
Jim

You will not be reducing CPU usage and would most likely make signal routing longer in that scenario. The only way to reduce latency is to ease off the CPU and make the signal routing as "short and sweet" as possible (i.e. amp sim inside the DAW).
 
When mixing, latency does not matter; but when recording, the lowest you can get is always best. In some cases, bypassing FX (shortcut E) will get you there (as you mentioned in the OP), but in others it may not. Anything that is not easing your CPU usage or minimizing the signal path will not help you in any way.

"Freeze tracks and synths
The Freeze feature allows you to temporarily bounce your track, including soft synths and effects, to reduce the amount of CPU power needed. The Freeze feature also works for synths patched in the Synth Rack.
The following are the available commands for track freezing:
• Freeze Track. Bounces the audio in the track to a new audio clip or clips, applies any effects, and disables the effects bin."

From the Manuel and why I mention Freezing the tracks to cut latency. I start by Freezing my drum midi tracks and any other instrument midi tracks on the song. Track a guitar amp sim; Freeze it when done. Track another guitar amp sim; Freeze that when done. Track a bass amp sim, Freeze when done. I can keep doing that many times and still run at low latency through my Focusrite 8i6. Freeze disables the plug ins but retains the effects of the plug ins in a temporarily bounced audio clip.

When you are done and need to do serious editing and mixing, unFreeze and adjust your cards buffers.