Yes you can, With the exact setup you mentioned. Just drop whatever effects you want to use on the channel you are using for your mic and start effecting.
Ill.gates just updated his APC performance template and it now has a mic channel with effects. Super sweet for life performance.
I’ve got a TC Helicon Voicetone Synth, but I’d like to use ableton live and the HotHand USB controller. It’s more “scenic” for live performances, don’t you think so ?