I have made progress on this issue:
The software I was using was not ASIO aware. Creative Soundfont Bank
Manager does not take advantage of ASIO, which is why I was getting
most of the delay.
I downloaded Tobybear Minihost (VST) from http://www.yqcomputer.com/
the sfz VSTi from rgc:audio at http://www.yqcomputer.com/
enables me to play the soundfonts that came with the Audigy.
I had to disable midi thru to stop the problem where I got two
different midi sounds coming through at once - one about 100ms after
In the Asio settings I had to set the delay to 4ms. When I used 2ms I
got some ugly distortion.
I did not have to use the Asio4All driver. The native drivers that
came with the Audigy worked fine.
However, I still get a small but noticeable delay when playing via the
Audigy. It's not that much now, but it's enough to affect the timing
of my playing.
Despite its age, the sounds I get from my MU50R synth, are much
quicker, warmer and more authentic than the sounds from the Audigy