Hi Larry, tonight I've done some extensive testing and I will try to be as clear as I can about what I've found
using comp mode: when I click the record button with no punch, I correctly monitor only what im playing and not the track underneath
when i use punch, when the scrollbar hits the punch in, i hear both what im playing AND the audio underneath(it sounds exactly like "sound on sound" mode), as in 2 sources of audio at once.
Both of these scenerios are with "mute previous takes" UNCHECKED
when I then CHECK the "mute previous takes" box to try to use comp without hearing 2 audio sources playing at once while recording, it greys out the audio that is in the punch region as soon as i click record. this would be fine if i could unmute the greyed out waveform somehow, but I'm not sure if that is possible