Keep in mind that, unless you aren't planning on using a unit for a secondary purpose then you won't be able to unfreeze and regain the sound. In addition to this, if you are bouncing your reverb track then it also means you won't be able to further adjust any channels that fed it.
Latency will depend on the round journey - out of your interface, through the effect processor and back in again. You'll have to calculate latency based on how you set things up.
I don't want to persuade you either way. You'll know what you need; what interests and motivates you best. I do think that restriction both gives rise to creativity and a more distinct sound - so this could well a worthwhile endeavour. Do make sure you check out your options ahead of any purchases and demo plenty of reverb, modulation and delay plugins as these have come along leaps and bounds in the last decade.