OK I managed to do it. It's quite a lot of automation for something that could be standard. And often, I'll find that a level is at -∞ when it shouldn't be, even though I've selected 'return to previous value'.
The MAIN reason I want to turn off all LIVE monitoring is because of feedback issues - I'm looping an acoustic guitar with an onboard mic, and vocals. The chance of a feedback are very high, in an environment where everything is nicely setup for playing without ALK.
The second reason, is that when monitoring is on, there's a phase issue that makes everything sound weird. IDK whether it's just a case of latency, but the fact is that everything sounds nicer if ALK is doing no monitoring whatsoever. I have all off my instruments and effects set up to perfection, I only want to hear my loops back.