Some thoughts...
Hi B2001,
Some thoughts having walked a similar path, sort of?
In past times I tried the midi guitar route [yup another guitar playing sucker...]. I weighed in with the Roland GR20 and a hex pick up on a Strat. I gigged for a while with this primarily for work in a covers band I played in. Some churchy organ patch was brill for a Coldplay number. The best patch by far was the breathy sax.
But, the old demon called latency was always around the corner plus some weird midi velocity gremlins that just would not lie down and be crushed.
Time moves on and nowadays I predominantly play acoustic with less need to fill in other parts. Recently though, I came across Midi Guitar 2 by Jam Origin. I was looking to play some bass parts and pulled some stuff together. Amazingly to me [at least] using MG2 with Ample Bass freebee and a bass amp sim, I found myself with a very playable bass using my acoustic guitar. Some latency but not enough to make it unworkable. Being honest though, I haven't gigged with it however, with some care I don't think it presents a problem and would be workable.
Slight side note, I build a breath controller for buttons compared to the commercial offerings and now I can CC11 all day long on SWAM Bass Clarinet [free!].
Long story now to make short - laying down a bunch of dollars on hardware may be the right choice for you however, consider the alternatives first perhaps? Today's processors and software are incredibly powerful including our beloved DAW host!
Just a 2p's worth.
Cheers and season's greetings.
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