I’m sorry, I’m away from my studio, and thus cannot report my settings with proper exactitude (I literally set & forget).
But think it this way: if W7 can render an external processing chain (using the external gear plug-in), then it must be able to output (playback) a signal in real time. From here, it’s a simple question at what point you create a copy of the signal for your monitoring purposes. I monitor either past analog chain before the AD converter (via an analog router), or past the AD converter before W7 (routing a copy of the converted digital signal via the RME Total Mix back to the DA converter).
Now what I do not do and thus cannot confirm or deny is whether it is possible to monitor the returning signal past the inputs of W7.