BIAB is a very capable program, but not for live/stage play..

Here is an example how I have used it.

Lets say you have a new song you want to do, but are not familiar with it.. You can record the song from any source or download it from youtube , save as a mp3.. Load into BIAB, select analyze chords. It will show chords for the whole song.. Now you use these chords and select styles from BIAB.. making the song your own. You can also select audio instruments triggered via MIDI.. Save as a SMF or save as an audio file.
You can also print the score of the song you just programmed (without a single music ability) even in a fakebook form.