Incorporating External Gear Wavelab 7

I’ve been mastering ITB for about 4 years and would like to begin to incorporate external gear.

I’ve got a Benchmark DAC-1 (USB) and an RME UFX. I’d like to listen to the DAC-1 while mastering (as I always have, ITB) and route that signal thru my hardware using the “External Gear” ASIO plugin and hear the results coming back into the RME UFX. Possible? Also, I’ve been reading a lot about render vs. capture so maybe that is something to consider at this stage as well.

Any routing and workflow insights would be greatly appreciated, thank you!