Here's a point...
Staying with one thread and not starting multiple threads about the same thing is a universal forum protocol, common in all forums, that way conflicting answers stay in one thread and you can maneuver through the sea of opinions.
Yes, put it in as a track but output it straight to your interface, not the master bus. Check where your master bus is outputting to as a example as to where to output your reference track.
Vst effects WILL cause latency, period. Some more, some less, depends on what kind of effect and the actual effect. Some vendors effects create more latency than others'. External effect pedal would be best.