It depends on the source, if its an impulse or if it's a periodic wave, for which correlation approach. I was reading this interesting one recently and wondered if anyone tried it
Try using my sxcorr or sxcov patches from the previous thread about cross correlation, with pique~ to find the location of the peaks. It will give you sample accurate measurements.
You'll get better temporal accuracy using broadband signals, I think. Just play noise or frequency sweeps through the channel and correlate it with what you get back. I have tested this idea with blocksize of about 16384 (waaaay more than 10 ms) and it's not so cpu intensive. (but I only have a single microphone... your calculations must be more involved)
Good luck, Chuck