Scott:
The Lexicon Omega do not have Fx, but it does have direct monitoring, I do use my Omega in a very similar way (like yours), and records in 24 bits.....so far, I am Very happy with mine, I also recomend to add the FX to a dry track, I also own a Boss BR 1600 and in that one, you can record Dry but listening with FX with no bearing into the recorded track, of course this is a little more $$, and you should check its smaller sisters....the BR 1200 and the BR 900, all of them have USB ports that allow you to import-export your tracks and edit them into the PC and so on....the end result is Great !, this are a stand alone units. Regards.

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mdorantes