Try it!
What Jim said may/may not be true as far as the time delay, which is why I asked what you are trying to do.
Depends on your monitor routing; if you can hear the Toneport directly as you play it'll be fine, if it is going to the computer first and then coming back, there will be a delay. It's often called Direct Monitoring or such.

Since the Amp Modeling happens inside the Toneport (not on the computer) it may be just fine.
If, however, you loaded an Amp Sim VST inside the computer and expected to play thru that, ASIO would be much better.

Since the amp sim is 'generated' inside the interface device the buffers in MME may be fine, though you may want to perform any delicate punch-ins on a separate track.

Make your sound your own!
.. I do not work here, but the benefits are still awesome