ok.. LS-2 arrived and I DID NOT get any manual or sample settings sheet but I have all the info I need on this pedal.
I can confirm though, that what you've said above is absolutely correct and that you dont need to link SEND to the RETURN to route it back to the OUTPUT. This is true of both loops. All you'll hear is what you put into the INPUT but you can control the volume by the LEVEL knobs.
If you select A + B MIX with the pedal active and you have both LEVELs turned all the way down, you will not hear anything from the OUTPUT. If then you press for BYPASS, your INPUT comes through to your Amp.
Thank you all for you help on this.
If you need me, you know where I am..