I just answered my own question... Yes :D
In Ableton, I put an Kushview Element VSTi on a track and put Scaler 2 inside. The Scaler 2 audio out is sent to a Sonobus Instrument.
On another track in ableton, I put a Sonobus and connected them. The audio was distorted until I switched the send quality to PCM 32-bit.
At first the latency was ~50ms but for some reason looking at it now its 3 up and 5 down which is excellent and perfectly acceptable.
I want to try this out with guitar monitoring for live recording - if the latency is truly so low then SonoBus will serve multiple purposes :D