At 48KHz the setup can sustain 128-entries buffers, or <3ms. Sound travels at about 1ft per sec, so this is the equivalent of hearing an amp that is <3 feet afar. I cannot perceive the latency. The AmPlug I/O has a 3.5mm headphones port.
I used an STK2M364CC. CPU usage never seems to go above 50%. Control is still a pain, but one way to change effects on the fly is to use rtpMIDI and TouchDAW on a phone.