Create several MIDI/Audio tracks, as many as you think you’ll need. I’m sure you could find a way of creating a new (duplicate) track on the fly but I’m not sure how badly that would interrupt proceedings…
You now need to create a couple of Preference Presets. Go into Preferences and tick the ‘Store marked preferences only’ option (at the bottom). A ‘Store’ column appears.
First, your current settings.
In the ‘Store’ column, go to Editing > ‘Project & MixConsole’ and select both ‘Enable Record on Selected Audio/MIDI Track’, then go to VST and select ‘Auto Monitoring’.
Hit the ‘Store’ button and save as, say, ‘Loop-station OFF’
Now your loop-station settings (keeping the ‘Store’ column as it is):
tick both ‘Enable Record on Select Audio/MIDI Track’, then set VST>‘Auto Monitoring’ to ‘Tapemachine style’.
store as, say, ‘Loop-station ON’
Nearly there… I’ve also found it necessary to create a Key Command for Project > ‘Select Track: Next’ because when you’re recording the cursor keys won’t do it.
Works for me, though you may prefer other Auto Monitoring options. The only drawbacks are having to pre-create the tracks you need (but you can create a template for this), and that you may now need to work out how to put the ‘Next’ command on a foot switch. Also, I’m not sure how the monitoring side of things will work with MIDI, there have been recent changes to how this works.
I’d be interested to know how you get on and what modifications you come up with.