Got the latency issue sorted out. I had hidden a bunch of tracks, a lot of which had VSTs in the bins. Deleting all these went a long way toward solving the problem, but another glitch showed up. The USB MIDI keyboard would stop working after about 30 seconds. I unplugged all my other USB devices except the mouse and voila! No latency, no crapping out.
I spent most of yesterday trying to get my system latency down from ~1300us, did all the suggested tweaks by Black Viper and the single biggest tweak was disabling my second video card in Device Manager. All of a sudden, I'm getting a latency of ~38us. Thirty-frickin-eight! I'm still looking for my socks.