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Anyone here using sequel LE? I have some questions

Hey guys, I'll give you some background info first. I took music production in highschool, and we mainly worked with Protools and Reason, using the Mbox 2. I'd like to say that I know exactly what I'm doing, but I haven't used any recording software for about a year, and need to get used to it again.

I recently picked up a Steinberg CI1 interface that came with Sequel LE and Wavelab LE. Wavelab didn't interest me too much, so I jumped right into Sequel LE. Everything seems to be going great, I fixed the latency issues I was having, and am finally figuring out how to place EQ's, and work with the compressor.

I have the CI1 going to my PC via USB, and a 1/4" to XLR through the Input 1 going into my Peavey Tour 700 bass head. Should I be able to adjust the EQ on my amp and it change the sound while recording? Or is my amp just there to connect my bass to the interface?

Also, I can't seem to record a Mono track, meaning I'm only going to get playback out of 1 headphone. If I copy the track and pan each of them left and right, I seem to lose all playback. The only output selector I have is Stereo Out, so I'm thinking I'm SOL here?

I've been thinking about taking the CI1 back and just ordering a Protools Mbox Mini package, but really would like to figure out what could be wrong here so I can post some clips of my Spector!

Thanks to anyone that tries to help!
 
Hi!
I hope you have figured out our problem. Sorry I don't have any suggestions to offer.
However I see you figured out the latency problems. I would really appreciate if you could tell me have you fixed it.