It seems very simple to me. Latency would not be a problem with even an older machine. (Unless you were using CPU hogging VST's.)
You could set up FX chains to your hearts desire and switch as needed, or make each track a different set up, for a different song. Just arm the track you want to use. Then you could have all your effects loaded in one "live show" project.
Have you tried it out yet? If you have all the components it wouldn't take more then a few moments to set things up for testing.
I know there are people using Reaper for live situations.
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