Just out of curiosity - do you trace latents for AFIS entry only, or is there another reason?
We've been out of the practice of tracing since moving from NEC to Morphotrak, but I didn't see it as something that was done so often and was so cumbersome that I'd have to get a tablet to do it.
Are you freehand tracing the latent prints? If so, grab your brush tool and click at a start point. Hold the left shift button and then just click along the ridge's path. Photoshop will fill in the line between clicks. When you get to tighter curves, just click more often and closer together. And if you screw up a click, just CTRL-ALT-Z back in history until you can start over again (which will require a new first click to anchor the start point).