I like to use a small Allen & Heath mixer, from which I take the dedicated Record buss into my audio interface for Live.

From the mixer, I can then monitor both A4 and MD as I like, but I can also direct either/both instruments to the recording outs at any time to capture my clips. I like working this way because I feel rooted in the machines - not the computer, just as I do in performance settings. I can leave everything set & just jam away if I so choose, no laptop in sight. When I wish to catch an idea, I can easily drop it into Live.