your one section off
check the high end car audio section-- it's focus is exactly that.
and being that your not completely familiar with it, here is a quick writeup i did to get a generic setup running:
How To: Basic setup in AudioMulch
imo, asio is not needed. i could not tell a difference in my setup, so i just use directsound, though many others say they can tell a difference..
also, while i started by using Console, it is not only has not been updated since 07(www.console.jp), but also lacks a lot of features. i have since started using audio mulch, and am a lot happier with it, even though it is $200 for a license.