Your specs don’t show your system components (audiocard, processor), but such values would not suit me in anyway : too much delay at the tracking stage at least. I usually work with more or less 6 ms without problem even at the mixing stage and, believe me, the E-Mu driver isn’t the best one out there, latency related. OK, my projects are never big ones : just 5 to 15 tracks with inserts here and there and one or two FX/send tracks), usually, but still…
So, are you sure that you are using the dedicated ASIO driver of your audio card ? If not, the latency will indeed be at such values or more. If you don’t have an ASIO driver, you could try to use the generic ‘ASIO for all’ driver which can be found on the web : it works fine with some audio devices. If you use the DirectX or the Microsoft generic driver, you will never get decent latency values.
Once you have the ASIO driver, The ‘Adjust for record latency’ is one point but it’s not sufficient. To get the latency as low as can be, try adjusting the latency in the device panel of your audio cardas low as can be without crackles or pops appearing at the different stages of your project. Try also setting the ‘Audio priority’ to ‘Boost’. The rest is dependent of your DAW : processor, programs and processes used in the background, devices and drivers used, and so on. Sadly, each DAW is more or less unique. Each of us has to tweak it, to some extent.
If you want to have an idea about the latency of your system, you could do the following :
Create a stereo audio track.
Create a MIDI/VST track (‘Devices/VST instruments’, F11) with any VSTi that can give you a sound with a short attack (BFD2, as an example).
Create a stereo output buss (‘Devices/VST connextion’) named ‘Stereo out 2’, as an example. Set the Device port to ‘Not connected’.
Route the output of your plug-in parameters automation track (in the ‘VST instrument’ folder, the one with mute and solo buttons) to the newly created output buss
Set the input of your audio track to ‘stereo out 2’.
Important : activate both MIDI and audio tracks for recording.
Record few notes : you should have both MIDI and audio events created.
See the delay between them by setting the time ruler to ‘seconds’ and zooming.
As an example, here is what I get with my latency set at 5 ms (6.757 in / 5.488 out) : more or less 9 ms between the two. You could do the same thing with an instrument track instead, the results will be the same.
Hope this will help.
EDIT : maybe you’ll have to click twice on the image link. The first attempt sometimes display an error…