Hey all, after a bit of thought I decided to move over to PortAudio for the Windows backend. This has improved (but not perfected) DirectSound support, which is still a bit glitchy at the best of times, but has ASIO working now. It is HIGHLY recommended you use the ASIO executable. Those without ASIO support in their sound card drivers can use ASIO4ALL, which is spot on performance wise.
Various other fixes include:
Flanger now works correctly from default.
Reverb starts with a sane default setting.
A couple of tweaks to the pitch shifter.
The Open and Save buttons are still broken horrible, although the entire effect libraries scripts will be migrated to something a bit more sturdy, as with the saved state files.