Latency, in this instance, comes down to a few things:
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Your audio interface, and its capability to operate at lower latencies. Modern MOTU, RME, Apogee, Focusrite (Scarlett MK2 and Clarett), and Universal Audio interfaces are best in this regard.
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Your computer’s CPU. This will help in running your interface at a low 64 samples buffer.
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The plug-ins you choose. Look for plug-ins with 0 added latency. Like Waves, Audio Damage, *some Kush, *some WaveArts, etc. Be mindful about using compressor/limiters with lookahead.
" * " = some plugs have an option to toggle OFF “oversampling” and will work at 0 added latency.
Of course these are audio processing plug-ins. Not all modern synth plug-ins are low latency. Do some research and use the ones that will operate at lower latencies. I know that NI Reaktor/Monark are 0 added latency.
I use my OT MKII with Ableton in a very similar way that you describe, and I go into greater detail in this post. , and there’s a healthy discussion regarding latency in the comments.
OT + DAW is a monster, but a great interface, solid computer, and carefully chosen plug-ins all combine to make all the difference.
Good luck!