Thank you Joseph. The issue with using logic markers is that they introduce quite a bit of latency (Transitions latency when changing parameter - #7 by deHaan)
However, I foud a hacky way to do what I want:
- Create a looping event that keeps playing when the weapon is active
- Create a “WeaponFire” parameter that goes from 0 to 1 and has velocity set to -4.00/s
- On the WeaponFire parameter sheet create a multi instrument with the fire sounds and let it go all the way up to 0.999
- Put an ADSHR on the multiinstrument to set the desired fade out for previous fires