I use a latency buffer setting of one. But could only do so when playing in non-exclusive audio mode and increasing the max output buffer size slightly
Of note is that in exclusive mode, even though a latency buffer of 2 is needed (distorted sound with 1 regardless of max output buffer size), the overall latency should be smaller than the shared mode which needed a much larger output buffer. Both settings are very playable although I prefer exclusive mode unless I want to record a play through with shadow play.
I'd assume that a higher output buffer size and/or latency setting would be preferred over disabling the low latency mode, but that's only based on what the PDF said, no idea how big a different the mode savings are. For what it's worth, Mac users have a better time of it (putting aside graphical issues and general stability), no setting to change other than LatencyBuffer in the ini and a setting of 2 is as playable as the best tweaks I've managed in Windows without the tweaking hassle. Shame the game crashes nearly every time I try it on the mac, but when it does run, the audio is great
The above settings are with an i5 3570 and a gigabyte GA-B75-D3V board which I think uses realtek audio.