I have my Elektrons wired into a desk for a mix and also direct outs to the soundcard. So theoretically I could jam out on the machines and then edit just say the machinedrum part or whatever but I never do this.
I tend to like leaving the Octatrack as the mixer for the mono and md and then record the Octatrack only.
Direct Outs (from mixer to the soundcard) are useful though when you do the full track out thing in Ableton, speeds things up a bit having things already seperated to a degree.