Concerning the recording, and AFAICS, it’s possible to record in real time if you set the instrument as an instrument rack : this way, and using a dummy bus, you can directly record the audio. I could be wrong, but if I remember well, this is allowed only if you have the Pro version of Cubase (at least, that was the case in the C4/C4 Studio days…).
An example below, using _render as dummy bus : the outputs of the VST instruments > EmulatorX folder are routed to _render. The inputs of the two audio tracks allowing the record are also set to this bus. The result is the following :
