Cool, nearly there now 
What you are seeing is that KB3 is assigned to CC value 35… So if you sent CC35 on the midi channel it would control KB3 (Knob 3)
Off the top of my head…. And not having done this for a while! Try turning the rotary knob to see if it changes to KB4, KB5 etc… Keep turning it til you see BYP with a C value…. Whatever that value is..say it is 22 then you need to set your IA switch 8 to send CC22 on the TimeFactors midi channel…. If there is no value then press the encoder and set a value.
Sorry, child asleep, so can't get to my factor to double check the exact steps.
