I am not familiar with the audiophile drivers, but you should have the option of at least three different asio drivers, one of which should be your audiophile driver. If you do not see it there then you may have not installed it properly.
Also, you say you lowered buffers but still have latency. Right next to the buffer size area in the ASIO control panel there should be a little box that is telling you exactly what your latency is with your current setup. If you could tell us that number, someone here with an audiophile card can tell you if that number is out of whack, or if indeed, that is the best you can expect.
Chris pointed you to the right place for convertine midi to audio. You need to rerout the signal through your midi device and back into cubase.