The Eventide front panel LEDs , when the unit runs on analog input, indicate internal headroom saturation. Since this is very high, about +26 dB, you only need to light up the third or 4th led, which is what you report. That's fine.
I do not use a Switchblade as I found it not being able to properly handle real line level signals with strong headrooms. That's why I prefer true line level mixers.
best
I
