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I want to be able to control the tempo with Reason. Is this possible?
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No. When rewiring, the host application controls the tempo. Just set the tempo in PT to be the same as in Reason. If you have tempo changes, export a MIDI file from Reason, and import it into PT bringing the tempo with it.
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can I adjust reason settings like FXs on tracks while I'm hooked up to Protools?
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Yes. Info about it can be found in the Reason manual.