I got a Virus C, and my dream was like yours, to sequence the 16 channels with nothing else. I have tried with a Yamaha QY70, which is great, but the problem i had was with polyphony. Depending on what Virus you have and how many notes/track you need that could be a problem. You could consider a sampler instead of a sequencer, or maybe both.
I did not have the latency problem with effects.
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