Select the buffer size you wish to use and ensure that the Bus Master switch is enabled. There will be a bit of trial-and-error to find the smallest buffer size that doesn't cause audio dropouts to occur on your computer. Start at 512 samples and work your way down until the audio will no longer plays back cleanly. Then bump the buffer size up slightly and you should have the latency set to as low as it will go on your computer.
Select OK for the LynxTWO ASIO Control Panel, then OK on the Advanced Audio Configuration panel, then OK on the Preferences panel.
To assign tracks to the appropriate devices, add a Bus by clicking on the "Insert Bus" icon in the Mixer panel and select the desired play device as shown below: