SYMPTOM: trying to select E-MU ASIO driver causes GP to display error message box “Can’t create i/o buffers”.
SOLUTION: Work around is to add a second physical interface with its own ASIO driver (not ASIO4ALL), which in my case was a Behringer UMC202HD, which for whatever reason allows the E-MU ASIO to be selected and to function as expected.
Interestingly, once the E-MU ASIO is setup in GP, I can remove the Behringer from the system and the E-MU still works as expected after system reboot.
However, if I change the driver type back to Windows within GP, then close GP and reopen, then change back to ASIO again, I get the original error message again. And I have to reconnect the Behringer again to implement the work around.
For those concerned, this work around also works with DaVinci Resolve 17 video editor.