I know for a fact that it will work with the 828MK3 hybrid because I used to use one to do this. The only difference being that I had to either switch the master/slave clock status before the wordclock was changed in the AxeFXII or had to run it through a resync device like a Mutec MC4.Can't answer yet, but I have a similar setup only with a MOTU 828mk3 hybrid instead of Ultralite, and plan to try this reamping setup over the weekend. Will report back soon.
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Should absolutely work without a problem.