Well just think what will happen to latency if that VST host had ASIO. Try it in the great, but discontinued Muzys 3.0 demo
Go to Tools->Plugin manager, then Options->Add Plugin and navigate to jVSTWrapper. You will see it operating at the minimum latency (with ASIO4ALL installed as an ASIO driver).
Actually SAVIHost does have ASIO (look in the wave menu under devices). It's not a great interface if, like me, you don't provide your own GUI, but it's quite a nice little app, and somewhat cheaper than Cubase!
EDIT: No need for ASIO4ALL here, I have a DMX 6Fire