I think this is basically the same thing @Florian was describing in My latency hack (it’s cheating! 
) - Tips and Tricks - Gig Performer Community
I think you can even utilize this within a single instance by putting the plugin that you want to “isolate” from latency compensation into the global rackspace rather than a second instance.
And it’s been a long while since I’ve done it, but there’s also a VST wrapper out there somewhere that simply reports whatever latency you tell it back to the DAW/GP. In this example you’d put your Eventide inside of that wrapper, then set the wrapper’s reported latency to zero, and you achieve the same “ignore this plugin’s latency” effect.