You have set it this way, not me. My plugin is highly configurable. It's an audio processor atop of WASAPI. It will work the way you have set it not the way you suppose it to work
The error message above saying that the device driver deny setting WASAPI SHARED mode. I mind you that plugin cannot set it's own format in SHARED mode, it takes whatever Windows Mixer say by default. See the shared mode format in Windows Mixer settings. You have set it to 48000 hz, not me.
For a custom windows mixer independent mode to set the device need to be driven in EXCLUSIVE mode. ASIO is bypassing the windows mixer and have the brand special optimizations. The wrecked drivers (like an early ESI Juli@ beta drivers) could switch the Master Sample Rate for ASIO but could not do so for WASAPI. In that case you have to set any sample rate in manual even for Exclusive mode both in windows software and driver panel. Definately it's not a Microsoft fault.
To understand the plugin settings please read the User Manual. There is really a lot of combinations possible and what it seems to be correct is really depends on what you trying to get:
How to allow Exclusive mode in windows:
How to understand what Maiko gets on input and what it actually output:
For your card it seems there must be a special kick in E-MU panel may be required. Your card is the first one ever reported that unable to work in Shared mode. For a WASAPI mode switch to work the driver should allow automatic sample rate switch. That is the only legit behaviour for Vista and Win7. Your card seems locking the sample rate with exception for it's own E-MU ASIO. How the windows will be able to switch to custom sample rate then?!