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5ms = 1.72 meters
3ms = 1.03 meters

The difference between a latency of 5ms and 3ms is 0.69 meters.
You are dreaming if you think your ears are good enough to tell the difference between a signal delayed by just over half a meter.
There isnt a person on earth who can discern the difference.
Most stages have the sources spaced significantly further apart than half a meter.
Some performers vary the distance to their mic by more than this distance during an actual performance.

If you can detect a delay then most likely your system is setup wrong or you have sucommed to the psychological marketing of the audiophiles.
If your whole system is turning to mud with the introduction of a 5ms delay then something is very very wrong with your pa setup.

What plugins are you using?

For most effects you don’t really care about latency as there is a desired predelay anyway. Especially with verbs?

What are you doing in a small venue that requires plugins that can’t be achieved inboard with the ilive?

I think the easiest solution would be to unplug your plugins :)
I would say they are causing your system to sound like mud, not the 5ms delay.