When using Virus|Control, I recall the Virus TI tutorial video for Pro Tools saying that you needed to enable the RTAS engine option(s). Doing that as well as enabling the "Live" function in Virus|Control should get rid of any latency issues.
As far as when you're just using it as a regular sound module... whenever you're recording or just simply monitoring, make sure you have Low Latency Monitoring enabled. You'll find that in the Options menu of Pro Tools. You should then be monitoring and recording your analog inputs with zero latency.
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