Hi Mike,
maybe you would like to check out this, you can record directly and mix the clips in Ableton with it:
I´m using it to create songs on the fly and have a project ready for remixing it if I want.
The most important this in this system is the control clips created in Ableton Live. They are buttons for controlling each looper (each looper is composed by two audio or midi tracks overdubbing between themselves).
If has functions like:
FLASH(record>play>overdub with automultiply)
UNDO(multiple undos)
AUTOVERDUB (you can begin with a short loop and on each press you record a new loop while automultiplying)
STOP(stop a looper or stop all)
etc...
You can assign any function to any number of clips, so you can have a full control on each looper or in all of them.
When you finish the jam, it´s all ready for the mix. You can export the session direcly as a WAV file to listen to it and you mix or remix it later if you want.
Cheers