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2. Use software effect : clean guitar input -> record into track as clean signal -> at the same time apply software effects (Guitar rig for example) -> audio output (with effects) back to the audio interface -> none direct (software) monitoring.
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Ok, I've just tested my Alesis Multimix16 .. no problem with "option 2" - round trip latency is 6 to 8 msec (64 and 128 buffer size setting).
I think the USB version should perform as well as the firewire Multimix.
Cheers!