I have a web page about mixing latencies. Calculating them is not quite as simple or obvious as one might think.
http://elvenminstrel.com/recording/p...auxlatency.htm
If you use the 002 converters, your sound will often lose a little something. Sometimes noticeable, sometimes not. Not always critical. Kick, snare, and bass will probably suffer the most. Vocals often pass through no problem. In any event, it won't sound bad. It just might not sound quite as good as it did, so the external process needs to be so good that it's worth the trade.
I used to do some of that, but I now prefer tracking at higher bit and sample rates and using good plugins. Get the fxpansion VST-RTAS converter and you'll have access to a variety of amazing ones for free, and a world of them for cheap.