You can absolutely use a Live as part of a re-amplification set up however the Reload is the most suited for this application.
The most common type of DI tracking and re-amplification aka re-amping is to record the guitar DI'd into the DAW...ie raw guitar, no effects, just the guitar undistorted......the result sounds kinda banjo like. While tracking, one needs a way to monitor the sound so that the performer feels like they're playing in a proper context. One can use an amp, a pedal/preamp setup or a virtual amp, hardware or plug-in. During the re-amp, the DAW must be plugged into a pedal chain (as applicable) and the front of an amp. Setting the level and impedance so that the guitar amp "thinks" it is connected to a guitar is critical in getting a great tone. Reload does this as one of the functionality it offers but there are other dedicated boxes for this particular aspect. Littlelabs Redeye or Pepper would be my choice if a Reload is unavailable. A Torpedo Live can then by used to take the amp's speaker level output and route that back to the DAW silently and apply the Torpedo speaker and mic'ing emulation process along the way.
Another way to re-amp would actually be better named "re-cabineting". In this process, the DAW records the raw tone of the tube amp without any speaker or microphone characteristics. This signal can then be sent back through a speaker/mic emulation process and any post processing effects such as delay and reverb. The advantage of this method is that the level/impedance matching required for an amp to see the proper signal are not a concern. In addition, the choice of cabinet, microphone and placement can make radical and effective changes in the tone. You would also have the option of stacking and layering tracks and effects using this method for multiple passes. The Torpedo Live is a great tool for this type of process but the task can also be done with a Studio or Reload with WOSIII.
The choice of which box to get would depend on whether other applications are going to be used ie would you also be needing speaker emulation for live shows, headphone practice, visiting other studios etc. If your near term goals are entirely in your studio and you have a solid host computer, the Reload should get first consideration in my opinion (shared by Rusted7cl).
