Sigma DSP for real time EQ?

I am looking at the SigmaDSP chips (I'm an analog engineer with limited DSP knowledge).  I am looking for a multi-channel chip because my design will have "instrument level audio input->A/D->digital pre-emphasis and dynamics control->D/A->analog circuitry->A/D->digital equalization (with user adjustable controls) and low pass filtering->D/A->audio output".  I was hoping to be able to run through the chip twice in real time.  It seems any of the chips would be usable for this but do I need to move up to a SHARC processor to get the speed and low latency I'm looking for?

Also if a chip says "production" and not "recommended for new designs" should I stay clear for prototyping with it?