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First of all not my idea but I set up a 9 band splitter which has zero latency & moderate cpu level. There's virtually no change in the audio when fed through dry/wet so its transparent.
The advantage of it being latency free means you can use other FX & mix dry/wet signals through the chain to make complex sounds with none (or minimal) phasing.
I certainly don't have use for that many bands but you can achieve a nice 3 band split if just using only the 1st plugin in the chain.
