Hope I’m not to late on this, but I have been using these two for a while. I prefer using Renoise for MIDI Guitar over Ableton. I realize we may not have the same hardware and what works for me may not work with your system. I will try to explain how I do it.
First, If I want to be able to convert my guitar signal to midi AND be able to hear/process my guitar signal in Renoise, I found I have to split my guitar signal. I use a Saturnworks Passive 2 Channel Summer/Splitter in reverse. I think any method of splitting should work. I have an AKAI EIE Pro: I use channel 1 or 2 for MIDI Guitar input and 3 or 4 for Renoise input.
In Midi Guitar I set my audio channel to 1 or 2. I set MIDI Output to “LOOPMIDI PORT”.
In Renoise set MIDI Input device to “loopMIDI Port”. This must be done for each instrument you wanna control(I stack instruments, sometimes sending midi to hardware synths).
For your guitar sound, the Line Input device. I have been setting mine up in a instrument. I find the sample effects are great for setting up parallel fx chains, kinda like the fx racks in Live.
I will state I am using MIDI Guitar II Beta 4. A friend gave me a copy when he was testing. I’m not sure the latest versions will work. I think I’m gonna buy it, just keep forgetting and putting it off. I want to play guitar and sound like Aphex Twin, but it sounds more like Autechre most the time. Goals. Need more Tylenol.
Oh, I use loopMIDI for my virtual midi. Simple and it works. https://www.tobias-erichsen.de/software/loopmidi.html