1) Launch Logic
2)Go to your Arrange page
3) choose an Audio Object that you want to monitor thru
4) In the left side Parameter BOX under the "CHA' catagory -
click and hold until the drop boxes appears
5) choose the INPUT option - on the Arrange page - it will appear as if nothing has changed
but then go to your MIXER page... Your Record button has dissappeared ...
Choose an output source at this time

Now that you chosen an output - this track is nothing more than a physcial input like a hardware mixer. You can send Signal into and apply effects just like a hardware mixer and you don't have to worry about feedback...