My second vote would be for the WinUAE machine using MircorXP, but again you are going to be held back not only by Windows, but also by WinUAE's short comings, like OctaMED S.S. not working as it should, where as you can just run OctaMED S.S. native in Amithlon.
What's the problem with OctaMED SS and WinUAE? I've used it in WinUAE just fine. As far as latency issues, have you tried using the ASIO or WASAPI audio drivers within WinUAE to eliminate latency?