Page 35 / 36 in the manual (at least the one I have) explains what to do.
If TimeFactor is on say midi channel 3 then you need to set BYP (bypass) on the TimeFacter CC Rcv menu ( continuous control receive) to say CC value 18.
Then set a button on the GCP to be an IA (Instant Access) button and get it to send CC18 on midi channel 3.
That will basically toggle the Bypass on the TimeFactor …. I'd you have DSP+FX enabled.. You will get trails.
Hope that helps