Hey celab27,
unfortunately, you can't do two separate effects into two separate channels (that I know of anyway) it just allows you to keep the stereo inputs separated on the outputs - I used to use that function running two separate guitar amps and wanted the signals to remain separated from one another, so, amp 1 on the left would go into the left input, and have the output go out via the left output. it would still run the stereo delay as a panning/Ping-Pong delay, bouncing left/right, but keeping the signals pure on each amp.
hope that answers your question!
Duke