Emulator X ships with PatchMix DSP- software that delivers 32 channels of zero latency hardware mixing and monitoring with a flexible virtual patchbay- no external mixer needed. Maybe that will answer your question. But it sounds like you should get another sound card if want to use 8 inputs at...
http://aes.harmony-central.com/117AES/Content/E-mu/PR/0404-171-Update.html. I should be getting my Emulator X next week and I'm definetly gonna get the Emu Proteus too!