Hey Mason -

Welcome aboard!!

The audio interface you chose looks good, as long as you will record a maxiumum of 2 things at once in mono. I have a similar interface (Yamaha Audiogram 6) that I use to record guitar.

I've heard good things about Reaper - so that should work fine for you.

As far as a guitar rig simulator, you might be better served by an outboard device - like a Line 6 POD or something similar (Zoom and Boss make similar products). These devices have dedicated hardware to do the simulation so it won't bog down your PC. The simulation may also be of better quality.

These outboard devices will also act as an audio interface for the guitar, so it would simplify the setup in a way. You could use the other audio interface for recording vocals or other things. The other audio interface can also be use to monitor when you are creating the final mix using Reaper.

Best of luck with your recording project!!