I use several external sound modules / sequencers / instruments. For example when using my MV-8800 within Studio One I setup a new instrument (Midi output to external instrument) & a midi device (output to external instrument). I create 2 tracks: 1 audio (input from external audio) 1 midi instrument track (instrument from created instrument & Midi from created midi device). Because the Midi track sends & receive midi information simultaneously it will loop which causes audio feedback when monitoring is activaed. If there was a way to perminately disable monitoring on this track I wouldn't get the feedback. Unfortunately the only workaround that I could find was to disable the monitoring to follow selected track option, which affect all tracks.
Link to setup example: