first of all, get your levels right to avoid distortion. i don´t know your equipment, but try to decrease input level of your soundcard and/or output level of the rytm to get rid of that. just experiment with that and try to get more information in books or internet. also take care that you don´t get distortion/clipping inside live (levels of different tracks sum up to the master level, that should not clip in digital machines normally)
unfortunatley it can happen that you can´t get the optimal sound with certain analog gear/soundcard combinations.
don´t know what it´s like with your gear. many analog machines do not sound as good with too low levels compared too higher levels. some soundcards (even good ones) can´t handle that. that would mean you need a mixer …

try to decrease the buffer size in ableton. it seems very high. try to get at least 10ms or less. if you use a lot of vsts that
need a lot of cpu power and your computer is weak it might be not possible…

to get rid of that last mseconds latency there should be an option in live to compensate that.
something like midi/sync options…

good luck