Hi cheez,
not sure if I fully understand your question... but there should not be any latency issues with using MIDI and Audio simultaneously.
You should not hv latency issues using the Audiophile ASIO driver. BTW, Audiophile does not hv on board MIDI capabilities, only MIDI I/O....
As for me, I am using AUdiophile solely for Audio, and Soundblaster for my MIDI interface with my sound module.