I don’t have the information regarding xmodmap, but here are two other options which I am using if you are interested.
- With the compose key set, you can hit / = to get ≠. Or you can set custom sequences in .XCompose, but I don’t believe you can get the exact combination you suggested.
- Use a virtual keyboard manager such as KMonad
Maybe look into PipeWire, Reaper in jack mode works fine connected to PipeWire for me, without any of the problems you mentioned.
It is quite possible that your desktop audio already uses PipeWire depending on your distribution, you would need to look at latency settings if you want live playback.