This is only My opinion but seeing that the M-Audio interface is a quite old and daunty. well ya know
and the ID14 is quite a step up I would scrap the M-Audio and get a analog rack for more in and outs as the M Audio is not very nice sounding either.
It has run its course and should be taken out back and shot
Your idea might work but I wouldn't spend any more cash to get it working and put that money towards a better solution. IMNSHO of course.