I cannot answer your question about the metronome as I rarley will use it prefering to use a drum track to start a song. I have a bunch of my own patterns I dumped from my Roland 505. If not I'll use the step sequencer to make a simple Kick/Snare/hi hat pattern and drag it out. I find the metronome hard to play along with.
I guess you could test the metronome in a loopback test.
Using a loop back patch cord output to input record the metronome to an audio track, Zoom in and see if it's right on the time grid.
Because your using such old versions and whatnot there's no point any of us testing because our results will be different.
Sorry to ask,, but Why are you not willing to update? Things have improved soooo much and myself I could never go back to any older version. The midi editing alone for me has been more than the ticket price.
If it's a money reason Home Studio is only $50 and Artist $100. That's dirt cheap for what you get.
At some point you'll no longer be able to function if you stay that far in the past. And it's hard for most people here to help you because we soon forget how things worked in the older versions. So one of the perks to keeping up to date with any software is the quality of help will be vastly improved.