OK, going to be a hard to get this one to work well, but with a little resource management you can do it.
When tracking and monitoring and setting low latency, keep live effects to a minimum. When you are done tracking, bring latency settings back to a higher level. If you are tracking several people, then you can set the latency higher since you should be playing off each other.
Latency is only important when you are recording and monitoring what has already been recorded. When mixing, you don't need low latency levels.
I think Cubase has a freeze feature, use it when a track is set and all you are doing is adjusting volumes.
I am trying to keep this to the basics as to not confuse you. But primary point here is, you will have a hard time if you don't watch how your resources are used. Being prudent with using track freeze, interface latency settings (lower will consume more resources) and how many VST(i)s are running live at once (once again, track freeze) grouping effects. All of these together you can record, might have some challenges, but I think you can pull it off.
If you have any questions, hopefully we can help.
