Someone had a cool suggestion in this thread.
Basically, have something like a punch-in/punch-out with effect commands. Here is what that someone wrote:
Although, I would probably extend this idea to be able to select a specific line in device to record from within the dsp chain of the track … So maybe have the total effect take 2 simultaneous commands- one to select the line-in-device, and another to start the recording.
Now that I think about it, it would probably be easier to simply do this with the right-click menu …