U can drag and drop in Live just check if either one is running as admin, both should run as same Admin or user, use ctrl + drag (from track header) to ur DAW. You can also drag and drop a specific section of the timeline from RC, just highlight the section u want in RC(in timeline) the, click the timeline button in transport control in RC now ctrl + drag from the track header from RC to DAW.
(this is as off 3.84, i believe nothing is changed in beta)
Check this thread viewtopic.php?p=7875229
My advice u can take it or leave it ur choice, use Reaper just for using RC as a VST, do ur thing and finally take that to Live, that way u can use RC s full potential also u can use all ur vst s no worries. The only downside u might need to save all ur vst setting as presets, and reopen it again.
Been using Live for a long time gave up cauz its a mess when it comes to routing.. and updates doesnt mean anything anymore