To his credit, KM is trying to pack a ton of configurable features into a small footprint (literally). I'm sure that Eventide can sympathize. It's a balancing act to make something highly configurable and still easy to use. That said, the SoftStep manual does read like it was written by an engineer.
You sound determined enough that this will all come together after a few passes. The LEDs seem to respond similarly to computer logic: Think of "trues" and "Ons" as anything above zero, and "falses" and "offs" as zeroes. You almost have to look at the SoftStep as configuring a whole pedalboard with a lot of devices. This plugs into that; this one acts better at the front than the end of the line; these should be connected in parallel instead of in-series. Lots of experimentation, limited successes, then more successes built on the last victories.
Probably the same thing that happens if you slammed your car from Drive into Reverse without passing Neutral. It's an audio crossfade setting between splices. If it's too short, you're going to hear a pop or a click sound (audibly, or psychoacoustically). Here's a related visual from SOS. If it were 1 ms. or less, one segment would abruptly slam into the next. The midpoint would be near 0.5 milliseconds, and that would definitely produce a loud glitch.
Reverse audio is a little different in EventideLand. It can be an advantage and a disadvantage. Other Reverse delay units seem to capture an audio input, reverse it, and then 'stream' the rest of the reversed audio following it. Eventide units work in discrete chunks of time. In your preset above, the TF would capture a whole note phrase, then reverse it, while capturing the next whole note phrase.
At least that's the way I understand it. If it's a 100 ms. buffer, the reversed audio is coming out in increments of 100 ms. That's why people think that a zero feedback setting still returns back more than one reversed repeat. Any audio that 'leaked past' the first 100 ms. chunk gets played back (reversed) in the second 100 ms. chunk. With dual delays, it gets even more convoluted.
BTW: I think that you meant to have the Delay Mix = A10 + B0 in your preset above. Don't you hate it that there's no 'edit post' function in this forum? That makes me *so* careful when responding here.