Just to be clear here, …There isn’t any way to add equalization to my phones, since my headphone feed is directly from out of the mic.
I’d have to use the computer’s soundcard with an equalizer on the cans to be able to regulate the headphone sound, …but then there might be some lag between speaking and hearing, since I’d have the phones plugged into the computer’s headphone plug. Is that correct?
Just trying to have the correct view of this process.
It wouldn’t make any difference. Audacity will not apply effects, filters or corrections in real time.
But yes, if you listen to Playthrough (Preferences > Recording), you are going to hear your voice “one computer late.” It’s the reason you can’t overdub that way. You have to provide Zero Latency Monitoring somehow, generally in the hardware feeding sound into Audacity.
If there’s something wrong with your headphones the easiest & cheapest solution is to upgrade your headphones. Generally speaking, the headphones don’t have to be perfect, just good enough that you can “perform”.
I’ve heard of giving a singer some “confidence reverb” in the headphone mix, but I haven’t heard of EQ. In a pro studio, I believe this would be done through a stand-alone effects processor (not through the computer) and that requires an entirely different setup with a regular analog mic.
A DAW such as Cubase or REAPER can apply real-time effects, but you still have to “fight” to get the latency down to an acceptable level.