You're right, input monitoring doesn't work in RealBand or PowerTracks with MME, it requires an ASIO driver, and now in 2018 this works with WAS drivers as well.

Any effects you apply to the "Input Monitor Insert" track in the DirectX/VST Window will be applied to what you hear in your headphones.

I'd highly recommend just applying the effects to the monitor signal but record dry, then apply the same effects to the track itself, in case you need to adjust the effects after recording.

Thanks
Kent
PG Music