Latency in Record Armed Track with VST

I am looking for a solution for quite some time with Reaper and need advice on how to handle this more efficiently. Working with Radio Commercials/voice-overs I need to revise/change voice-overs even after final mixing stage. Problem starts when you need to do that revision in a project which is loaded with lots of VST on many tracks and Master chain. Even worse, when i use 'Waves' plug-ins somewhere in the project. It introduces lots of latency when VO person tries to re-record a voice track while 'monitor input' is on. I learn that it has something to do with 'dynamic PDC'. To solve this I need to remove/bypass all plugs one by one and redo the whole thing again after voice has been done. This is BIG turn-off with Reaper in my day-to-day job. Even if I find an action or quicker way to toggle bypass or offline on/off all plug-ins at once used in project would help a bit. Any advice?

The FX button itself can be used to bypass effects for a whole track. So for example if you needed to bypass all the effects on the master bus, just click the small button within the fx button (depending on your Theme) and the icon will change colors and bypass the whole chain. To really get what you need you will have to turn off FX for each track, but at least you don't have to open the chain and turn them off one at a time.

What you can do for now is open the FX chain window, highlight all FX (CTRL+A) and go Edit -> 'toggle selected FX offline'. That should do the trick. You still have to do it for every track that contains latency introducing FX It's assigned to CTRL+ALT+B here, don't know if that's per default, though...

A global "bypass all FX" action might be handy for a future build. In the meantime you could save yourself some clicks by creating a custom action (action window -> new) that contains "toggle FX bypass for track 01", "track 02", etc, and assigning that to a key.

but..... we have a "bypass all FX" action already schwa, did i miss something?

You can also ctrl+click on the track FX enable/disable button to toggle the bypass for all effects in a project.