Hello Eric,
Not simply with PlayIt Live, no.If you have a second sound card or output the preview player can be sent to that (even a USB headset will do) but all the players need to go to an output.
Yours is a similar question (I think) to the one in this thread recently.
https://support.playitsoftware.com/support/discussions/topics/5000094513
eric debusschere
How to listen to a sound in pre-listening when the computer broadcasts the sound of the live? Is it possible to mute the sound of the live on the pc?