First, the AT2035 is a condenser mic and requires 48v phantom power to work. Does the USB “cable” you are buying supply phantom power? If not, it won’t work with your mic.
Second, the key is recording with low latency with Sony software is to get an audio interface with ASIO drivers. These drivers will allow the low latency required to record in real-time. Not sure if the USB cable you are talking about has this or not.
Before spending $80 on just a cable, I would look at buying a complete USB audio interface that has speaker outputs, headphone outputs, XLR/Instrument inputs, and phantom power. Something like the M-Audio MobilePre USB ($129) should get the job done. Just make sure it has drivers for your Operating System. Not everyone has Vista 64 drivers yet but Vista 32 and XP Pro should be fine.
~jr
http://www.johnrofrano.com
http://www.vasst.com