as i said: it just needs to think: everything that comes in, i will let out through the -100Cents door.
it does not need to know an exact note. just put every signal 100 cents(for example) down.
the digitech drop at least has no feelable latency when going down 1 or 2 halfsteps, it gets a tiny little washy when going 3 steps down. i wouldn't use it any lower.
A DFT (or FFT) doesn't work this way. In order to accurately calculate the waveshape for the new frequency, you have to collect at least a half-cycle of the raw signal.
A drop D is ~73 Hz, which equates to about 14 msec for a whole wave. Double that for a bass in drop D, or up to about 30 msec for a low C on bass. Thus, in order to accommodate low bass notes, there is no way to start the digital calculation until you have at least 15 msec of sample data. This latency is fixed and can't really be addressed. The regular processing latency occurs AFTER this when you're transposing, so you're really sort of stuck.
Yes, it can be done faster in hardware, particularly if you don't support full range (i.e., below about a guitar's drop C). That requires a special separate circuit though, which would add cost to every single product shipped.....not likely to make sense for most of us.
If you really need transposing more often than an occasional non-critical use, probably better to just buy a separate device and put it into the loop.
JMO, YMV.