Thanks for the reply wesleypeterson!
I wasnt actually using the Rocksmith cable in this configuration, it was more of an example of how a device could work with my computer the way I wanted it. Basically saying this $30 cable can work, why isnt my Audiobox?
I followed your instructions and it still didn't work, but it did help me understand a few things about Studio One. And it was your suggestion of using the Mix View that put me on the right path. Even with Studio One closed (even while rebooting my PC) I was still hearing the the clean guitar through my headphones. Studio One was seeing my Guitar input but it didnt seem to be doing much else. After some additional attempts I look back at the Audiobox Device itself and see the "Mixer" knob. It was set all the way to "Input." I switch it to playback and now I'm getting the benefit of Studio One.
I had the Phones connected to a line in on my PC, and could use Windows Audio with Studio One and hear my Guitar through my PC Speakers. Although, as you mentioned the latency was noticeable and annoying. A follow up question would be if a separate Sound Card or more RAM might reduce/eliminate this latency. Connecting directly to the Audiobox works good and I can finally do what I want with it, even if I need to keep swapping the headphones. Thanks!