- MIDI editing using notation, [...]
- SysEx editing
Those two will be the deciding factors, because the others are met by just about any DAW-- certainly any commercial DAW (unless it's Mac-only)-- whereas some DAWs don't have a notation view, and these days many commercial DAWs don't support SysEx messages at all (they filter them out), although the older DAWs that have always supported SysEx still do.
I'm not familiar with Cakewalk Music Creator 7, but I have the free trial version of Cakewalk SONAR, and I'm not thrilled about the way it handles SysEx messages. In particular, it collects them together, regardless of where they occurred in the original MIDI file, and then transmits all of them at the beginning of the MIDI data, even if some of them are supposed to be executed mid-song. You can override that by dividing the SysEx messages into "banks" and telling SONAR to transit each bank at whatever times you want them to be executed, but I think that's kind of a hassle. Yet this approach to SysEx isn't without its potential benefits, since you can easily build up a library of SysEx banks which can then be added to new songs as needed.
Another DAW you might want to consider is Steinberg Cubase. The least expensive version to buy is Cubase Elements 8, which is $99, but you can also get a free complimentary license for Cubase AI or Cubase LE when you buy certain audio equipment or MIDI controllers. One drawback is that any version above Elements requires an iLok dongle, which must be purchased separately, but you don't need a dongle for Cubase Elements/AI/LE, just a free iLok account. The only drawback to that is that sometimes when you reboot your computer the PACE (iLok) License Manager service won't start up automatically as it's supposed to (usually because you've got too many other things set to start automatically), but that's easily remedied by going into the Control Panel, Administrative Tools, Services, and making sure the PACE service is running, and starting it if it isn't running. If you own a Yamaha keyboard, one advantage of Cubase is that Yamaha owns Steinberg, so Cubase has a built-in understanding of Yamaha's XG SysEx messages.
I'm not certain whether Cockos REAPER supports SysEx, but I think it might. It has a notation view.
Choosing a DAW can be a very personal thing, like choosing a car. Most DAWs have free trials so you can use them for a while before you decide, so I strongly encourage you to take advantage of that and try out several. (I literally have over a dozen DAWs and sequencers installed on my computer, but then I'm daft. Mind you, I'm not saying that I actually use all of them, just that I've installed them!)
