I don't do this for a living and can't imagine how a statement like "your prototype will be cheaper than commercially available options" could be taken seriously by anyone.
I mean at the extreme case, if you can tolerate 40ms of latency and stuttering, a Raspberry Pi and some USB soundcards can do it all. The actual power needed is reasonable and ADC/DACs aren't that insane.
A Teensy 4.1 connected to an ESP32 could probably do most of this, if you wanted to do $15k of software development in your spare time and were really good at DSP.
My playing is already sloppy enough to not be affected till maybe 15 or so.... but it would clearly be different with a pro!
Or maybe they just have some good IO. It doesn't seem to be CPU limited exactly, it's just the built in sound device doesn't like it if you turn down the block size too much. USB cards are a bit happier.